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ITR Filing: Finance Ministry notifies extended deadline for FY19-20 income tax return filing

ITR Filing: The Finance Ministry has notified the extended due date for Income Tax Return (ITR) filing by individual taxpayers for FY 2019-20.

India TV Business Desk India TV Business Desk
New Delhi Published on: October 30, 2020 18:18 IST
ITR Filing: Finance Ministry notifies extended deadline for FY19-20 income tax return filing
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ITR Filing: Finance Ministry notifies extended deadline for FY19-20 income tax return filing

ITR Filing: The Finance Ministry has notified the extended due date for Income Tax Return (ITR) filing by individual taxpayers for FY 2019-20. While the deadline for filing ITR has been extended by a month till December 31, the last date for those taxpayers whose accounts need to be audited has been extended to January 31, 2021.

Nangia Andersen LLP Partner Sandeep Jhunjhunwala said although the government had announced the extension of ITR and audit report filing due dates last week, but there was an ambiguity if such extension is available for corporates to whom tax audit and transfer pricing reporting was not applicable, for instance, foreign companies having no associated enterprise in India and yet earning income from Indian sources.

ALSO READ | ITR Filing FY19-20: Income tax return filing deadline extended till Dec 31

"Today's notification has cleared the air by extending the due dates for such entities as well. Consequently, all Indian and foreign companies who are not liable to obtain a tax audit or do not maintain transfer pricing documents can now file ITR by January 31, 2021, whereas individuals not liable to tax audit will have to file their tax returns by December 31, 2020," Jhunjhunwala said.

The government had earlier in May extended various due dates for filing ITRs for the 2019-20 fiscal from July 31 to November 30, to give compliance relief to taxpayers due to the COVID-19 pandemic.

ALSO READ | ITR Filing FY 19-20: Key dates and things to remember

(With Inputs from PTI)

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