News By/Courtesy: AYUSSHI KHANDELWAL | 07 Jan 2021 11:25am IST

HIGHLIGHTS

  • due date 31 december
  • extended till 31 january
  • due to covid-19

The public authority has additionally broadened the due date for filing income tax returns for the monetary year 2019-20. For taxpayers who need to get their records inspected or outfit investigates explicit homegrown or worldwide exchanges, the cutoff time is currently January 31, 2021. For the rest, it has been stretched out to December 31, 2020, from the prior cutoff time of November 30. The cutoff time for organizations to record yearly Goods and Services Tax returns and compromise explanations for the monetary year 2018-19, has likewise been stretched out from October 31, 2020, to December 31, 2020. The public authority said it had gotten various requests for the expansion taking into account the COVID-19 pandemic and lockdown, and the GST Council had additionally suggested that taxpayers be allowed more opportunity to consent. A few sanctioned bookkeeper bodies had been asking the public authority to broaden the returns filing courses of events this year taking into account the interruptions brought about by the COVID-19 pandemic that prompted a public lockdown beginning March 24. The public authority had before expanded the cutoff time from July 31 to November 30. "Further, to give alleviation to little and working-class taxpayers… the due date for the installment of self-evaluation tax for the taxpayers whose self-appraisal tax obligation is up to 1 lakh had been reached out to November 30, 2020," the Central Board of Direct Taxes said in an assertion on Saturday, adding that these cut off times had been broadened once more 'to give help to the subsequent chance to little and working-class taxpayers.' The due date for the installment of self-evaluation tax for these taxpayers has now been stretched out to January 31, 2021, for the individuals who need to outfit examined records or report determined exchanges. For the rest, the cutoff time has been stretched out to December 31, 2020. Therefore, the date for the outfitting of different review reports under the Income Tax Act, including tax review reports a lot regarding global/determined homegrown exchange has likewise been stretched out to December 31, 2020, from the previous expanded cutoff time of October 31, 2020. GST returns "Government has been getting various portrayals concerning to have to reach out due date for filing Annual Return (FORM GSTR-9) and Reconciliation Statement (FORM GSTR-9C) for 2018-19 because of the COVID-19 pandemic related lockdown and limitations, the typical activity of organizations have still not been conceivable in a few pieces of the nation. It has been mentioned that the due dates for the equivalent be stretched out past 31st October 2020 to empower the organizations and reviewers to go along in such manner," the Finance Ministry said. Filing of yearly return is discretionary for taxpayers with total turnover beneath ?2 crore in 2018-19, while filing the compromise proclamation is discretionary for the taxpayers with total turnover up to 5 crores in that year.

 

This Article Does Not Intend To Hurt The Sentiments Of Any Individual Community, Sect, Or Religion Etcetera. This Article Is Based Purely On The Authors Personal Views And Opinions In The Exercise Of The Fundamental Right Guaranteed Under Article 19(1)(A) And Other Related Laws Being Force In India, For The Time Being.

Section Editor: Pushpit Singh | 07 Jan 2021 18:50pm IST


Tags : #covid #itreturn #extendeddate

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