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CBDT issues Notification Extending Due Dates for Tax Audit Report and ITRs for AY 2020-21


cbdt-issues-notification-extending-due-dates-for-tax-audit-report-and-itrs-for-ay-2020-21

 

CBDT vide a press release issued on 24.10.2020 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 non-audit cases, the date is extended by one month from 30th November 2020 to 31st December 2020.

At that time, no Notification was issued and it was stated that a notification in this regard would be issued in due course.


CBDT has issued the required Notification No. 88/2020 dated 29.10.2020 to extend the due dates for furnishing Tax Audit Report for the FY 2019-20 or AY 2020-21 from 31.10.2020 to 31.12.2020. Consequently, the due date for filing of ITR for those assessees liable for the compulsory tax audit is extended to 31.01.2021 for the assessment year 2020-21.



The Notification has further extended the due date for filing of income tax returns in non-audit cases from 30.11.2020 to 31.12.2020.


The notification has been issued under section 3(1) of the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 which empowers the central government to extend the various compliance dates under the Income Tax Act, 1961 and certain under other specified Acts.


The Notification issued is in line with the extension given by the Press Release dated 24th October 2020.


It is provided in the notification that for the AY 2020-21 for furnishing of return under section 139 of the Income Tax Act, 1961,  the time-limit for furnishing of such return, shall stand extended to the 31st day of January 2021 in respect of the assessees referred to in clauses (a) and (aa) of Explanation 2 to sub-section (1) of section 139.


Clause (a) of Explanation 2 to sub-section (1) of section 139 covers a company, any person whose accounts are required to be audited and any partner of a firm whose accounts are required to be audited. Finance Act, 2020 has amended section 139 to exclude the working partners and extending the benefit to all the partners of a firm liable for the tax audit.

 

Clause (aa) of the said explanation applies to an assessee who is required to furnish a report referred to in section 92E.


In respect of other assessees,  the time-limit for furnishing of such return stand extended to the 31st day of December 2020.


The extension of the due date shall also apply to a resident who holds as a beneficial owner or otherwise, any asset (including any financial interest in any entity) located outside India or has signing authority in any account located outside India; or is a beneficiary of any asset (including any financial interest in any entity) located outside India. In this case, the extended due date is 31.12.2020.


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The notification has further extended the due date for furnishing of any audit report under any provision of the Income Tax Act,1961, to the 31st day of December 2020. This shall apply to all types of audit report including Form 3CA-3CD, Form 3CB-CD, Form 10B, Form 10DA, Form 29B, etc. 


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


For AY 2019-20

For belated and revised return 30.11.2020

For AY 2020-21

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

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.



Read the full text of the Notification No. 88/2020 dated 29.10.2020 extending the due date of filing of returns and tax audit report for AY 2020-21


MINISTRY OF FINANCE

(Department of Revenue)

(CENTRAL BOARD OF DIRECT TAXES)


NOTIFICATION


New Delhi, the 29th October, 2020


TAXATION AND OTHER LAWS


S.O. 3906(E).—In exercise of the powers conferred by sub-section (1) of section 3 of the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 (38 of 2020) (hereinafter referred to as the Act), the Central Government hereby specifies, for the purpose of the said sub-section (1), that, in a case where the specified Act is the Income-tax Act, 1961 and the compliance for the assessment year commencing on the 1st day of April, 2020, relates to -


(i) furnishing of return under section 139 thereof, the time-limit for furnishing of such return, shall -


(a) in respect of the assessees referred to in clauses (a) and (aa) of Explanation 2 to sub-section (1) of the said section 139, stand extended to the 31st day of January, 2021; and


(b) in respect of other assessees, stand extended to the 31st day of December, 2020:


Provided that the provisions of the fourth proviso to sub-section (1) of the Act shall, mutatis mutandis apply to these extensions of due date, as they apply to the date referred to in sub-clause (b) of clause (i) of the third proviso thereof.


(ii) furnishing of report of audit under any provision of that Act, the time-limit for furnishing of such report of audit shall stand extended to the 31st day of December, 2020.


2. This notification shall come into force from the date of its publication in the Official Gazette.


[Notification No. 88/2020/ F. No. 370142/35/2020-TPL]

NIRAJ KUMAR, Dy. Secy. (Tax Policy and Legislation Division)


Download Copy of Notification No. 88/2020 dated 29.10.2020 on the extension of the due date of filing of returns and tax audit report for AY 2020-21 in pdf format


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