Central Board of Direct Taxes (CBDT) has issued a Notification No. 93/2020 to notify further extension of due date in furnishing of Income Tax Return and Audit Report for A.Y 2020-21 under Income Tax Act, 1961.
Key points of the Notification are:
1. Due date for furnishing of Income Tax Returns in cases where the assessee is a company, a person (other than a company) including the partner of a firm whose accounts are required to be audited under the said Act for whom the due date as per the Act is 31st October, 2020 has been further extended to 15th day of February, 2021 instead of 31st day of January, 2021.
2. Due date for furnishing of Income Tax Returns for the assessee who are required to furnish report in respect of international/specified domestic transactions for whom the due date as per the Act is 30th November, 2020 has been extended to 15th day of February, 2021 instead of 31st day of January, 2021.
3. Due date for furnishing of Income Tax Returns for all other assessee (other than those mentioned above) has been extended to 10th day of January, 2021 instead of 31st day of December, 2020.
4. The due 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 15th day of January, 2021 instead of 31st day of December, 2020.
5. For taxpayers whose self-assessment tax liability is up to INR 1 lakh the due date for payment of self-assessment tax has been extended to 15th day of February, 2021 for the taxpayers mentioned in point 1 and 2 above and to 10th day of January, 2021 for the taxpayers mentioned in point 3 above.
6. The last date for making declaration under Vivad se Vishwas Scheme has been extended till 31st day of January, 2021.
Source: Central Board of Direct Taxes (CBDT)
