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.
