Now you have time till Jan. 10 to file Income Tax Return
The Finance Ministry on Wednesday announced an extension of income tax return (ITR) filing date to January 10, 2021 for individuals. With this, the Union Government has given time since the previous deadline was to expire on December 31, 2020.
So, one can file income tax return for FY2019-20 by this new date. The assessment year is AY2020-21.
“In view of the continued challenges faced by taxpayers in meeting statutory compliances due to outbreak of Covid-19, the Govt further extends the dates for various compliances,” said the I-T Department in a tweet.
The due date for furnishing of Income Tax Returns for the assessment year 2020-21 for taxpayers (including their partners) who are required to get their accounts audited has been extended to 15 February, 2021. The last date for a declaration under Vivad Se Vishwas Scheme has been extended to 31 January, 2021 from 31 December, 2020.
It may be noted that direct tax professionals in the country had urged Finance Minister Nirmala Sitharaman to extend the last date for filing tax audit report, income tax returns for audit cases.
Do remember that for the FY 2019-20, the government had also extended the date for making various investment/ payment for claiming deduction under Chapter-VIA-B of the IT Act which includes section 80C (LIC, PPF, NSC etc.), 80D (Mediclaim), 80G (Donations) to 31st July, 2020. So, the investment/ payment can be made up to 31st July, 2020 for claiming the deduction under these sections for FY 2019-20.