ITR Filing 2020 Last Date: Good news for taxpayers. The last date to file income tax return (ITR) for the financial year 2019-2020 (FY20) has again been extended. Now, individuals may file the ITR till January 10, 2021. The last date for filing ITR for the assessment year 2020-21 was July 31, 2020 but was later on extended till November 30 and again to December 31, 2020. However, amidst the pandemic situation in the country, the government has now extended the last date till January 10, 2021.
In view of the continued challenges faced by taxpayers in meeting statutory compliances due to outbreak of COVID-19, the government has further extended the dates for various compliances. The due date for furnishing of Income Tax Returns for the other taxpayers [for whom the due date (i.e. before the extension by the said notification) as per the Act was July 31, 2020] has been extended to January 10, 2021.
It may be noted that Direct Tax professionals in the country had urged Finance Minister Nirmala Sitharaman to extend the last date for filing tax audit report, income tax returns for audit cases. News agency PTI had reported that the Direct Taxes Professionals Association (DTPA) has urged Finance Minister Nirmala Sitharaman to extend the last date of furnishing of tax audit report under section 44AB to February 28. They have urged the Finance Minister that the due date of filing of income tax returns of Assessment Year 2020-21 in audit cases should be extended to March 31, 2021. The professionals have said that due to the Corona pandemic, normalcy in operations is yet to set in.
Earlier, for the FY 2019-20, the government had also extended the date for making various investment/ payment for claiming deduction under Chapter-VIA-B of the IT Act which includes section 80C (LIC, PPF, NSC etc.), 80D (Mediclaim), 80G (Donations) to 31st July, 2020. Now the investment/ payment can be made upto 31st July, 2020 for claiming the deduction under these sections for FY 2019-20. In the income tax forms, Schedule DI enables taxpayers to claim exemptions on investments they made during the extended period, until June 30, 2020.
Under normal circumstances, the last date to take income tax benefits is till March 31 of the financial year. The government had also extended the last date for the issuance of Form 16 by employers to their employees. In fact, the extension has been given for all TDS ( tax deducted at source) certificates, including Form 16. The CBDT has already notified the Income Tax Return Forms for the assessment year (AY) 2020-21 and are available for e-Filing by downloading either excel or Java utility.
According to the Income Tax Department, over 3.82 crore Income Tax Returns for AY 2020-21 have been filed till 22nd December, 2020. The Central Board of Direct Taxes (CBDT) has issued refunds of over Rs 1,50,863 crore to more than 1.18 crore taxpayers between 1st April, 2020 and 20th December, 2020. Income tax refunds of Rs 47,608 crore have been issued in 1,16,07,299 cases and corporate tax refunds of Rs 1,03,255crore have been issued in 2,01,796 cases.
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