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CBDT further Extends Due Date of Tax Audit Report and filing of ITR for AY 2020-21

cbdt-further-extends-due-date-of-tax-audit-report-and-filing-of-itr-for-ay-2020-21

After various representations to the government finally, CBDT has extended the due date for furnishing the Tax Audit Report by 2 months to 31st December 2020 from 31st October 2020 and the due date for filing of Income tax returns (ITRs) for all the assessees having tax audit requirement from 30th November to 31st January 2021 for the Assessment Year 2020-21. For those having no tax audit requirement, the date is extended by one month from 30th November 2020 to 31st December 2020. CBDT stated in a press release issued on 24.10.2020.


Earlier on 30.09.2020, CBDT had extended the due date for filing of Tax Audit Report and Income Tax Returns for the assessment year (AY) 2019-20 to 30th November 2020.


In the press release, CBDT stated that the due date for furnishing of Income Tax Returns for the taxpayers (including their partners) who are required to get their accounts audited has been extended to 31st January, 2021 from the prescribed due date of 31st October 2020 u/s 139(1).



Similarly, the due date for furnishing of Income Tax Returns for the other taxpayers due date has been extended to 31st December 2020 from the prescribed due date of 31st July 2020 u/s 139(1).


The due date for furnishing of Income Tax Returns for the taxpayers who are required to furnish a report in respect of international/specified domestic transactions has been extended to 31st January 2021 from the prescribed due date of 30th November 2020 u/s 139(1).


The release further states that 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 from 31st October 2020.


Read Also:

 

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Tax Audit Due Date Prescribed and Return Filing Due Date Extended-Budget 2020


Due to the imposition of nation-wide lockdown due to outbreak COVID-19, the due date of furnishing tax audit report and ITRs for AY 2020-21 was initially extended from 30th September 2020 to 31st October 2020 and 31st October 2020 to 30th November 2020 respectively by way of a notification being Notification No. 35/2020 dated 24.06.2020 issued under section 3(1) of the Taxation and other Laws (Relaxation of Certain Provisions) Ordinance, 2020. Later, this dates of 31st October 2020 and 30th November 2020 were codified in the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 notified on 29.09.2020.


Readers are aware that the Finance Act, 2020 has changed the ‘specified date’ and prescribed the due date for furnishing the tax audit report. It is provided that the due date to furnish a tax audit report is one month prior to the due date of filing of return of income. Hence, the due date to file a tax audit report is linked with the ITR filing due date.


However, a notification in this regard will be issued in due course.


Update:

CBDT has issued the requisite Notification on 29.10.2020. Read the Notification here



Further, the due date for payment of self-assessment tax date is again being extended. 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 and to 31st December 2020 respectively.



Though the due date for filing of Income-tax Return for the Assessment Year 2020-21 has been extended, however, in this case, it should be noted that there is no immunity provided from the levy of interest u/s 234A for filing of return of income by 31st December 2020 or 31st January 2021 from the due date specified in section 139(1) if the self-assessment tax liability exceeds Rs. 1 Lakh. The immunity or relief from levy of interest u/s 234A is provided only in a case where the self-assessment tax payable is upto Rs. 1 Lakh. In case the self-assessment tax payable is more than Rs. 1 Lakh, interest u/s 234A will be payable on the entire amount of the self-assessment tax from the expiry of original due dates prescribed u/s 139(1), that is, 31-07-2020 or 31-10-2020, as the case may be. The interest under section 234A shall not be levied if the self-assessment tax liability of taxpayer does not exceed Rs. 1 lakh and ITR is filed within the extended due date.


The final extended due dates for various categories of assessees for furnishing tax audit report and ITR forms for AY 2020-21 is given below-


TaxpayersDue Date prescribed u/s 139(1)Extended Due DateRemarks
For taxpayers subject to Tax Audit
Tax Audit Report30.09.202031.12.2020Earlier it was extended to 31.10.2020
ITR Forms31.10.202031.01.2021Earlier it was extended to 30.11.2020
For taxpayers Not subject to Tax Audit (Individuals, HUF, etc.)31.07.202031.12.2020Earlier it was extended to 30.11.2020
For taxpayers having international/ specified domestic transactions
Tax Audit Report31.10.202031.12.2020Earlier there was no extension
ITR Forms30.11.202031.01.2021Earlier there was no extension

Read the full text of the Press Release of the CBDT extending the due date of filing of returns and tax audit report for AY 2020-21


Ministry of Finance


Extension of due date of furnishing of Income Tax Returns and Audit Reports


Dated: 24 OCT 2020 


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 24th 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 furnishing of Income-Tax Returns as under:


(A) 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.


(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.


Download Copy of Press Release Dated 24.10.2020 on the extension of the due date of filing of returns and tax audit report for AY 2020-21



Read Further:

 

Analysis of New Extended Due Dates for Compliances and Investments under Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020

 

No Extension of Due Date of TDS payment for March 2020 onwards amid COVID-19

 

New reduced TDS Rate Chart for FY 2020-21 and Income Tax Relief Measures

 

CBDT defers Clause 30C and Clause 44 of the Tax Audit Report in Form 3CD on GAAR and GST to March 2021

 

CBDT amends Tax Audit Report Form 3CD, ITR 6, Form No 10-IE and 10-IF for section 115BAA, 115BAB, 115BAC, 115BAD and Rules from AY 2020-21

 

Is ITR and Tax Audit Due Date Extended till 31.03.2021

 

How to report EPF and ESI due date extension in Tax Audit Report for AY 2020-21



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