ITR Filing: Have you filed your income tax return (ITR) for the financial year 2019-20? If not, you must remember that you have until the end of this month to do it. The Income Tax Department had recently extended the due date for filing the ITR, to simplify the tax-filing process for assesses, amid the coronavirus crisis. Hence, this means that the individual taxpayers now have until the end of this year to file their return of income, earned between April 1, 2019 and March 31, 2020, instead of November 30. Usually, the due date for filing ITRs for all assessees whose accounts are not required to be audited is July 31.
In view of constraints being faced by taxpayers due to COVID-19,CBDT further extends due dates for various compliances for FY 2019-20:
The due dt of furnishing Income Tax Returns(ITRs)for taxpayers whose accounts require to be audited has been extended to 31st, January,2021 (1/5) pic.twitter.com/cWWbXu80K9
— Income Tax India (@IncomeTaxIndia) October 24, 2020
Here are a few important dates to keep in mind for filing your returns on income tax for this financial year.
Important Due Dates For Filing Income Tax Returns:
- The due date of furnishing the income tax returns for taxpayers whose accounts require to be audited has been extended to January 31, 2020
- The due date for furnishing of various audit reports under the Act, including the tax audit report and report in respect of international/specified domestic transaction, is extended to December 31, 2020.
- The due date for the small taxpayers, or income tax assessees with tax liability up to ₹ 1 lakh, is January 31, 2021.