The Income Tax Department on Saturday has extended the deadline for Individual Assesses to File their Returns for the Financial Year 2019-2020 (The Assessment Year 2020-21) by a month. The deadline has been extended in relief to Taxpayers on Account of COVID-19. The Taxpayers now have the time till December 31 to file their Return of Income earned between April 1, 2019, and March 31, 2020, instead of November 30.
According to a report the last date of Assesses required to furnish Audit Reports on international or specified Domestic Transactions has also been extended to January 31 from November 30. According to the Central Board of Direct Taxes (CBDT), the Top Policy-making Body of the Income Tax Department, the due Dates has been extended in order to “provide more time to Taxpayers for furnishing of Income Tax Returns”. The Income Tax Department also extended the deadline for Small Taxpayers – or those with a Tax Liability up to ₹ 1 lakh based on Self-Assessment to January 31.