According to the assessee, the government has prolonged the deadlines for the income tax goods and services tax along with Vivad se Vishwas direct tax conflict intention policy with context to the view of the challenges which is raised because of Covid-19 pandemic.
“Considering the problems being faced by the taxpayers, it has been decided to provide further time to the taxpayers…. to comply (with tax due dates) says the council.
The last date for filing the income tax return Get all due dates of income tax return and payment of advance taxes for FY 2018-19 (AY 2019-20). We update the last date as per the IT department notifications through the assessee is been prolonged to Jan 10, 2021, from Dec 31, 2020, for the FY 2019-20. The last date for furnishing the ITR to the businesses is prolonged through 15 days to Feb 15, 2021, for FY 20.
28 Feb is the prolonged due date for furnishing the yearly return below the central goods and services tax for FY 20. But there will be no prolongation for the financial year 2019 in context to the yearly returns.
Under Vivad Se Vishwas Scheme Know about the tax dispute settlement scheme (Vivad se Vishwas Bill) under the IT act. Under this scheme, taxpayers can settle all disputes before the end of 31st March 2020 the government has also prolonged the declaration window by a month to Jan 31. More than 45.4 million tax returns for 2019-20 fiscal have been filed till December 29 by the income tax council.
In the wake of obstacles seen by the assessee in meeting the law compliance as of covid-19 eruption, the council has to bring the taxation and other regulations relaxation of certain provision ordinance 2020 on 31st March 2020 where inter alia, prolonged several time threshold. The ordinance has been interchanged through the taxation and other laws relaxation and amendment of particular provisions law.
Read Also: Current GST Return Due Dates for GSTR 1 GSTR 3B to GSTR 9 & 9C View the due dates of GST return filing forms of GSTR 1, GSTR 3B, GSTR 4, GSTR 5, GSTR 6, GSTR 9, GSTR 9C, etc. The dates are according to the Indian Govt announcement
Taking consideration the government has decided to give some more time for filing the income tax returns, tax audit reports, and declaration below Vivad se Vishwas policy. Moreover, in order to give more time to the assessee to follow several ongoing proceedings, the dates of end of proceedings below several Taxes and Benami acts have also been prolonged.