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INDIA: Extension of filing dates for income tax returns due to COVID19

Oct 26, 2020 | COVID-19, VAT Updates

VAT Updates Asian

As a relief for the Covid pandemic that is currently widespread in India the ministry of finance has released an update extending the deadlines for furnishing of income tax returns and tax audit reports.

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 below:

(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.

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(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.

If you believe this development impacts your business, do not hesitate to contact GVC.

Source: gov.in

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