NEW DELHI: The federal government on Saturday prolonged the deadline for submitting revenue tax returns by particular person taxpayers for fiscal 12 months 2019-20 to December 31, offering aid to taxpayers hit onerous by the Covid-19 pandemic.
The due date for furnishing of revenue tax returns for the taxpayers (together with their companions) who’re required to get their accounts audited has been prolonged to January 31, 2021, the tax division stated in a press release.
It stated the due date for furnishing returns for the taxpayers who’re required to furnish experiences linked to worldwide/specified home transactions has additionally been prolonged to January 31, 2021.
Shortly after the lockdown was introduced in March, the federal government had offered compliance aid to taxpayers by extending varied closing dates. In view of the challenges confronted by taxpayers in assembly the statutory and regulatory compliances as a result of outbreak of Covid-19, the federal government introduced the Taxation and Different Legal guidelines (Leisure of Sure Provisions) Ordinance, 2020 on March 31 which prolonged varied closing dates. The ordinance has since been changed by the Taxation and Different Legal guidelines (Leisure and Modification of Sure Provisions) Act.
The federal government had issued a notification on June 24 underneath the ordinance extending the due date for all revenue tax returns for FY 2019-20 (evaluation 12 months 2020-21) to November 30. Therefore, the returns of revenue which have been required to be filed by July 31 and October 31, have been required to be filed by November 30. The tax division stated additional extension within the deadline has been accomplished to supply extra time to taxpayers for furnishing tax returns.
So as to present aid for the second time to small and center class taxpayers within the matter of fee of self-assessment tax, the due date has been prolonged. The deadline for fee of self-assessment tax for taxpayers whose self-assessment tax legal responsibility is as much as Rs 1 lakh has been prolonged to January 31, 2021 for sure class of taxpayers talked about and to December 31 for the opposite class of taxpayers talked about, the assertion stated.
The federal government has additionally determined to increase the date for submitting the annual returns (FORM GSTR-9/GSTR-9A) and reconciliation assertion (FORM GSTR-9C) for the monetary 12 months 2018-19 from October 31 to December 31. Notifications to present impact to this resolution would comply with, a finance ministry assertion stated. Submitting of annual returns (FORM GSTR-9/ GSTR-9A) for 2018-19 is elective for taxpayers who had combination turnover under Rs 2 crore. The submitting of reconciliation assertion in FORM 9C for 2018-19 can also be elective for the taxpayers having combination turnover as much as Rs 5 crore.
The deadline has been prolonged as the federal government has been receiving representations for extension of date for submitting annual returns (FORM GSTR-9) and reconciliation assertion (FORM GSTR-9C) for 2018-19 on the grounds that on account of the Covid-19 pandemic associated lockdown and restrictions, regular operation of companies have nonetheless not been potential.