EXTENTION OF DUE DATE OF GST ANNUAL RETURN, GST AUDIT, TAX AUDIT & INCOME TAX RETURN

Extension of the due date of issuance of income tax returns, Tax audit reports along with GST Audit

GST: GST ANNUAL RETURN & GST AUDIT DUE DATE has been Extended for FY 2018-2019: 31^st DEC, 2020

In view of the difficulties faced by Assesse in meeting the statutory and regulatory compliances due to the pandemic outbreak of corona virus-19 effect, on the 31st March 2020 The Govt of India enacted the Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020, which increased various time limits. Earlier the Taxation and Other Legislation (Relaxation and Amendment of Certain Provisions) Act has been repealed by this new Ordinance.

On 24^th June 2020, the Government released a notification under the Ordinance, which extended the due date for all income tax returns for the FY 2019-20 (AY 2020-21) to 30^th Nov 2020, among other items. The income tax returns expected to be filed by 31^st July 2020 and 31^st Oct 2020 are now expected to be filed by 30^th Nov 2020. Consequently, under the Income-tax Act, 1961 (the Act), the date for the submission of different audit reports, including the tax audit report, has also been extended to 31st Oct 2020.

Accordingly, to allow taxpayers more time to furnish ITR Returns, it was agreed that the due date for furnishing ITR Returns should be extended further, as follows:

• The due date for the provision of ITR Returns has been extended to 31st Jan 2021 for taxpayers (including their partners) who are eligible to have their accounts audited [for whom the due date (i.e. before the extension of the said notification) under the Act is 31^st Oct 2020]
• The due date for the provision of ITR Returns has been increased to 31^st Jan 2020 for taxpayers who are expected to record international/specified domestic transactions [for whom the due date (i.e. before the extension of the notification) under the Act is 30^th Nov 2020].
• The ITR Returns the due date for all taxpayers [for whom the due date (i.e. prior to the extension of the said notification) under the Act was 31^st July 2020] has been extended until 31^st Dec 2020.

As a result, the deadline for the provision of different Audit Reports under the Act, including the Tax Audit Report &the international/specified domestic transaction report, has also been increased to 31st Dec 2020.

In addition, In order to encourage MSME Class taxpayers to pay self-assessment tax, the due date for payment of the self-assessment tax date has been again extended. The due date for payment of the self-assessment tax has also been extended to 31st Jan 2021 for taxpayers whose self-assessment tax liability is up to Rs. 1 lakh has been increased to 31st January 2021

INCOME TAX: All Income Tax Returns and Audit Reports, GST Annual Return filing due dates has been Extended

Extension of the due date of issuance of returns on income tax and audit report, Details are mention below:

• All ITRs (Tax Audit Cases): 31^st Jan 2021;
• All ITRs (TP Cases): 31^st Jan 2021;
• All Other Simple ITRs: 31^st Dec 2020
• Due date of Uploading Tax Audit Reports:31^st Dec 2020.
• The Due date for GSTR-9   Annual Return and GSTR 9C:31^st Dec 2020.

Regards

INDIA FINANCIAL CONSULTANCY PRIVATE LIMITED