Extension of various due dates – 24th October press release

Owing to the prevailing COVID crisis, the Central Board of Direct Taxes has yet again extended various compliance deadlines (such as filing of tax returns, Tax Audit Report etc. for Assessment Year 2020-21) under the direct tax law.

In this regard, the Ministry of Finance has issued a Press Release dated October 24, 2020, wherein the revised due dates have been provided.

The revised due dates for filing returns and reports as per the above Press Release have been summarized as under:

Nature of Compliance

Original Due Date

Previously Extended Due Date

Revised Due Date

Return of Income of any person to whom Audit is mandatory (Transfer Pricing is not applicable)

 

October 31, 2020

 

November 30, 2020

 

January 31, 2021

Return of Income of Taxpayers where Transfer Pricing is Mandatory

November 30, 2020

November 30, 2020 (No Change)

January 31, 2021

Return of Companies Not Covered Above

 

October 31, 2020

 

November 30, 2020

 

January 31, 2021

Tax Audit Report

September 30, 2020 Or October 31, 2020

October 31, 2020

December 31, 2020

Transfer Pricing (Accountant’s Report) in Form 3CEB

October 31, 2020

October 31, 2020 (No Change)

December 31, 2020

Return of Income in case of a partner in a firm whether audit is mandatory

October 31, 2020

November 30, 2020

January 31, 2021

Return of Income in cases of Individuals or persons not covered above

July 31, 2020

November 30, 2020

December 31, 2020

 

A formal notification giving legislative effect to the aforesaid extensions shall be issued in due course.

Furthermore, it has been provided that in case the self assessment tax liability of a taxpayer is up to than INR 1 lakh (Rs. 100 Thousand), interest under 234A shall not be charged if the return is filed in terms of the above Revised Due Date.  Consequently, assessees having self assessment tax liability of more than INR 1 lakh (Rs. 100 Thousand) would be liable to pay interest under section 234A from the statutory due date of filing return of income till the date of actual filing of the return.

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