The last date for filing income tax returns for the financial year 2019-20 (the assessment year 2020-2021) is January 10. This year, the deadline has been extended thrice owing to the Covid-19 pandemic situation. However, demands for another extension are being raised as the extension of 10 days from the earlier deadline of December 30, 2020, to January 10, 2021 is being felt as inadequate.
Here are the latest updates:
1. On Saturday till 12 noon 3,30142 returns were filed and out of them, 1,22,951 were filed in an hour.
2. The first deadline for filing the returns was July 31, which was extended to November 30, which again got extended to December 30 and then January 10.
3. The January 10 deadline is for taxpayers who don’t require an audit.
4. Those who are required to get their accounts audited can file their returns by February 15, 2021. The original deadline of October 31, which got extended to November 30 and then to January 31, 2021, respectively.
5. Taxpayers who are required to furnish a report in respect of international/specified domestic transaction will now have to file their ITRs by February 15. The earlier deadline was November 30, which got extended to January 31.
6. The date for furnishing of various audit reports under the Act including tax audit report and report in respect of international/specified domestic transaction for the assessment year 2020-21 has been extended to January 15, 2021.
7. The last date for making a declaration under Vivad se Vishwas scheme has been extended to January 31, 2021, from December 21, 2020.
The Central Board of Direct Taxation has already issued refunds of over ₹1,64,016 crore to more than 1.42 crore taxpayers between April 1, 2020, and January 4, 2021. “Income tax refunds of Rs. 53,070 crore have been issued in 1,38,85,044 cases & corporate tax refunds of ₹1,10,946 crore have been issued in 2,06,847cases,” CBDT said.