Home Economy Have You Filed Your Income Tax Return Yet? Know All Important Dates

Have You Filed Your Income Tax Return Yet? Know All Important Dates

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Last date for submitting ITR is now December 31, 2020

Have you filed your earnings tax return (ITR) for the monetary 12 months 2019-20? If not, you might have till December 31 for doing it. Last month, the Income Tax Department but once more prolonged the due date for submitting ITRs, to be able to ease the tax-filing course of for assessees in view of the coronavirus disaster. That means people now have till the top of this 12 months to file their return of earnings earned between April 1, 2019 and March 31, 2020, as a substitute of November 30. The final for submitting ITRs for all assessees, whose accounts will not be required to be audited, is normally July 31. 

Income Tax Return (ITR) Filing: Important Dates At A Glance

  • The due dates have been prolonged to be able to present extra time to taxpayers for furnishing of earnings tax returns, in response to the Central Board of Direct Taxes (CBDT), the highest policy-making physique of the Income Tax Department. 
  • The due date of furnishing ITRs for taxpayers whose accounts require to be audited has been prolonged to January 31, 2020
  • The date for furnishing of varied audit studies beneath the Act, together with tax audit report and report in respect of worldwide/specified home transaction, has been prolonged to January 31, 2021
  • The date for furnishing of varied audit studies beneath the Act, together with tax audit report and report in respect of worldwide/specified home transaction, has been prolonged to December 31, 2020  
  • The Income Tax division additionally prolonged the deadline for small taxpayers, or these with a tax legal responsibility as much as Rs 1 lakh based mostly on self-assessment to January 31, 2021. In June, the due dates for fee of self-assessment taxes in circumstances of liabilities as much as Rs 1 lakh had been prolonged, to offer reduction to small- and middle-class taxpayers. The due date of November 30 was mounted for the circumstances with or with out audit. 





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