Due date for furnishing of Income Tax Returns for the taxpayers(Audited Account) has been extended to 31st January, 2021.

Income tax Update

Income tax Return due date

Fy 2020-2021

ITR 1 OR ITR 4

31st September 2021 instead of 31st july 2021

For Companies 

30th November 2021 instead of 31st October 2021

The Income Tax Department has extended the deadline for filing IT returns for the financial year 2020-21 due to the second wave of the COVID-19 pandemic, providing a sigh of relief to individual taxpayers. The decision will also reduce the compliance burden from businesses facing turbulency in the ongoing environment. According to the Income Tax Rules, the last date for individual taxpayers who file ITR-1 or ITR 4 for the previous financial year (2020-21) ended March 31 is usually July 31 every year.  

Similarly, for companies and firms whose accounts are required to be audited, the deadline is usually October 31. But the Central Board of Direct Taxes (CBDT) has extended the deadline for filing returns for companies to November 30, 2021.

The decision is helpful for taxpayers who fail to file their Income Tax return even after the September 30 deadline, but with a penalty. The last date for filing Belated ITR or Revised ITR now is 31st January 2022. 

According to a circular by the CBDT, the deadline for submission of Form 16 has been extended to July 15, 2021. The previous last date for submitting Form 16 by the employers was June 15. For those uninitiated, Form 16 is given to employees by their employers. 

Ministry of Finance
Extension of due date of furnishing of Income Tax
Returns and Audit Reports
Posted On: 24 OCT 2020 2:27PM by PIB Delhi
In view of the challenges faced by taxpayers in meeting the statutory and regulatory compliances
due to the outbreak of COVID-19, the Government brought the Taxation and Other Laws
(Relaxation of Certain Provisions) Ordinance, 2020 (the Ordinance') on 31st March, 2020 which,
inter alia, extended various time limits. The Ordinance has since been replaced by the Taxation and
Other Laws (Relaxation and Amendment of Certain Provisions) Act.
The Government issued a Notification on 24h June, 2020 under the Ordinance which, inter alia, extended the
due date for all Income Tax Returns for the FY 2019-20 (AY 2020-21) to 30th November, 2020. Hence, the
returns of income which were required to be filed by 31st July, 2020 and 31st October, 2020 are required to
be filed by 30th November, 2020. Consequently, the date for furnishing various audit reports including tax
audit report under the Income-tax Act, 1961 (the Act) has also been extended to 31st October, 2020.
In order to provide more time to taxpayers for furnishing of Income Tax Returns, it has been decided to
further extend the due date for fumishing of Income-Tax Returns as under:
The due date for furnishing of Income Tax Returns for the taxpayers (including their partners) who are
required to get their accounts audited [for whom the due date (i.e. before the extension by the said
notification) as per the Act is 31st October, 2020] has been extended to 31st January, 2021.
(A)
(B) The due date for furnishing of Income Tax Returns for the taxpayers who are required to furnish report
in respect of international/specified domestic transactions [for whom the due date (i.e. before the extension by
the said notification) as per the Act is 30th November, 2020] has been extended to 31st January, 2021.
(C) 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 31st July, 2020] has been extended to 31st
December, 2020.
Consequently, the date for furnishing of various audit reports under the Act including tax audit report and
report in respect of international/specified domestic transaction has also been extended to 31st December,
2020.
Further, in order to provide relief to small and middle class taxpayers, the said notification dated 24th June,
2020 had also extended the due date for payment of self-assessment tax for the taxpayers whose self-
assessment tax liability is up to Rs. 1 lakh. Accordingly, the due date for payment of self-assessment tax for
the taxpayers who are not required to get their accounts audited was extended from 31st July, 2020 to 30th
November, 2020 and for the auditable cases, this due date was extended from 31st October, 2020 to 30th
November, 2020.
In order to provide relief for the second time to small and middle class taxpayers in the matter of payment of
self-assessment tax, the due date for payment of self-assessment tax date is hereby again being extended.
Accordingly, the due date for payment of self-assessment tax for taxpayers whose self-assessment tax liability
is up to Rs. 1 lakh has been extended to 31st January, 2021 for the taxpayers mentioned in para 3(A) and para
3(B) and to 31st December, 2020 for the taxpayers mentioned in para 3(C).
The necessary notification in this regard shall be issued in due course.
....
RM/KMN
(Release ID: 1667281)