Every year, taxpayers are expected to file an Income tax return (ITR). It is a form where a person fills the information about their income along with the information on the tax paid, if applicable. This is to be submitted to the Income Tax Department.
The deadline for submitting ITR for the financial year 2019-20 is December 31, 2020. In view of the Covid-19 pandemic, the income tax department had extended the deadline last month.
For the financial year 2019-20, taxpayers will be filing the record of their earnings and tax given between April 1, 2019, to March 31, 2020.
Usually, the date for filing ITR is around July 31 but this time around, due to the extraordinary conditions created by the Covid-19 pandemic, the date has been extended to December 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
Let’s take a look at all the important dates related to the filing of ITR:
· The last date to submit ITR for taxpayers who require to be audited has been increased to January 31, 2021.
· The ITR filing deadline for those who have to furnish reports in respect of international/specified domestic transactions has also been extended to January 31, 2021.
· For other taxpayers, the last date to file ITR is December 31, 2020.
· The last date for furnishing audit reports and reports in respect of international/specified domestic transactions is December 31, 2020.
· The payment of self-assessment tax for those taxpayers whose self-assessment tax liability is up to Rs 1 lakh has been extended to January 31, 2021. This step has been taken to provide relief to small and middle-class taxpayers. Earlier, the due date, with or without audit was November 30 but now it has been extended.
Taxpayers can file their ITR online on the website of the income tax department. They require some documents including PAN card, Aadhaar Card, Form 16, investment details and other documents to file the ITR.