I-T returns filing: Salaried assessees now have time till January 10, companies till February 15

  • by


The Finance Ministry on Wednesday gave more time for filing various income-tax and GST compliances.

Salaried assesses now get 10 more days to file I-T returns for assessment year (AY) 2020-21 (FY 2019-20). Normally, these assesses would have had to file returns by July 31; this was first extended to November 30 and then to December 31. Now, the due date will be January 10.

The last date for making a declaration under the Vivad se Viswas scheme has been extended to January 31. Earlier, the due date was December 31. Also, the last day for passing of order for this scheme has been extended by a month to January 31. However, it appears there is no change in the due date — from March 31 — for payment without any additional amount.

The due date for furnishing of I-T returns for AY 2020-21 for taxpayers (including their partners) who are required to get their accounts audited, and companies, has been further extended to February 15. The same will be the timeline for assesses who are required to furnish reports with respect to international or specified domestic transactions. Previously, the due date for both types of assesses was January 31.

Further, in order to provide relief for the third time to small and middle-class taxpayers with regard to self-assessment tax, the due date has been extended. For those whose self-assessment tax liability is up to ₹1 lakh, it is February 15; for salaried tax payers, it is January 10.

GST returns filing

The government has also extended the due date for furnishing annual returns (GSTR 9 and GTSR 9C) for FY 2019-20 to February 28. There is no change in the due date for FY 2018-19, which is December 31.

Abhishek Jain, Tax Partner at EY, said the government had extended the annual return and audit report due date for FY 2018-19 to December 31, 2020, and the industry was eagerly awaiting an extension for FY 2019-20 as well. “This extension gives the much needed relief to businesses,” he said.

Shailesh Kumar, Partner at Nangia & Co LLP, said the suspense around extension of due dates for filing ITRs for non-corporate, non-auditable taxpayers and for filing audit reports under I-T provisions finally ended a day ahead of the deadline, giving marginal relief to taxpayers. The last-minute extension has ensured that most ITRs/audit reports are already filed, he added.

Interest payment

“One must note that the interest clock continues and taxpayers waiting to file as per further extended timeline will need to pay additional one month’s interest (except small taxpayers having self assessment tax liability up to ₹1 lakh). Thus, if everything is final, taxpayers should go ahead with filing, instead of availing themseves of the extended period,” he said.



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *