The Finance Ministry said on Saturday, the time limit for Income Tax return filing returns by the individual taxpayers for FY 2019-20 has been increased by the month till 31st December.
To those taxpayers whose accounts need to be inspected, the Income-Tax Return filing time limit has been extended by two months till 31st January, 2021. In the month of May, government had increased the date for filing the ITR for FY2019-20 from 31st July to 30st November, to give agreement relief to taxpayers.
In the statement of ,the Central Board of Direct Taxes (CBDT) said, “The due date for furnishing of Income Tax Returns for the taxpayers [for whom the due date (i.e. before the extension by the said notification) as per the Act was July 31, 2020] has been extended to December 31, 2020.”
Also added , due date for furnishing of ITR for the taxpayers, who are required to get their accounts audited (for whom the due date as per the I-T Act is October 31, 2020), has been extended to January 31, 2021.
The CBDT said the deadlines have been extended in order to “provide more time to taxpayers for furnishing of Income Tax Returns”.
Saraswathi Kasturirangan, commenting on the ITR filing extension, Partner, Deloitte India, said, “While the due date for filing of tax returns has been extended, tax payers need to be aware that any taxes due would attract interest for delay in payments. Hence it is advisable for tax payers to take up the filing of tax returns in a timely manner.”