Income Tax - Due Date Extension for AY 2020-21

Ministry of Finance has extended the due dates of furnishing of Income Tax Returns and Audit Reports for Assessment Year 2020-21 in its Press release dated 24th Oct, 2020.

As per the said Press Release, 
  • Income Tax Return filing due date for the entities subject to tax audit for Assessment Year 2020-21 is extended to 31st Jan, 2021 (Original due date - 30th Nov, 2020*)
  • Income Tax Return filing due date for International Transactions taxpayers (Transfer pricing cases) for Assessment Year 2020-21 is extended to 31st Jan, 2021  (Original due date - 30th Nov, 2020*)
  • Income Tax Return filing due date for other taxpayer for Assessment Year 2020-21 is extended to 31st Dec, 2020 (Original due date - 30th Nov, 2020*)
  • Tax Audit Report filing due date for Assessment Year 2020-21 is also extended to 31st Dec, 2020 (Original due date - 31st Oct, 2020*)
Further, it is worthwhile to note that, Interest u/s. 234A & u/s. 234B shall continued to be levied for delayed payment of self-assessment tax beyond the original due date for filing of Income Tax Returns (i.e., 30th Nov, 2020), where the amount of self-assessment tax payable is Rs. 1 Lakh and above.

* Original due dates considered as per extension granted by the Taxation and Other Laws (Relaxation and Amendment of certain Provisions) Act.

Please find the below for your reference:
Due date extension AY 2020-21

Due date extension AY 2020-21

If you have any query related to the article please reach us via mail :-mrinkblog@gmail.com 

Advisory: Information relates to the law prevailing in the year of publication as indicated. The above article is only to enable public to have a quick and an easy understanding. Viewers are advised to ascertain the correct position/prevailing law before relying upon any document.

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