Smt. Nirmala Sitharaman Union Finance Minister, made major announcements on Direct Tax in a press conference held on 13th of May 2020 at  4:00 PM. Direct Tax related measures announced by Finance Minister on 13th May 2020

Changed ITR Due Dates(FY 2019-20)

Due date of all income-tax return for FY 2019-20 will be extended from 31st July, 2020 & 31st October, 2020 to 30th November, 2020 and Tax audit from 30th September, 2020 to 31st October,2020 (Due to COVID-19)

Due Dates as Defined u/s 139(1) of IT Act

Due dates of ITR filings differ based on auditing or non-auditing cases of taxable income. Accordingly, two different ITR Filing Due Dates are given to the taxpayers under normal situation. They are:

  • July 31st:In every Assessment Year, this is the ITR filing deadline for those taxpayers who are not required to have audit performed on their Books of Account. The taxpayers include:
    • Salaried person/Employee
    • Self-employed person/Professional
    • Consultants
    • Freelancers

Changes Made in Due Dates u/s 139(1) of IT Act

For FY 2019-20, this due date is extended till 30th November, 2020.

  • September 30th:In every Assessment Year, this is the ITR filing deadline for those taxpayers whose Books of Account are required to be audited. The taxpayers include:
    • Company
    • Self-employed person/Professional
    • Working Partner employed in a firm whose Books of Accounts need to be audited
    • Consultants

 

Changes Made in Due Dates u/s 139(1) of IT Act

For FY 2019-20, this due date is extended till 31st October, 2020.

 

  • September 30th: In every Assessment Year, this is the ITR filing deadline for those taxpayers whose Books of Account are not required to be audited. The taxpayers include:
    • Company

 

Changes Made in Due Dates u/s 139(1) of IT Act

For FY 2019-20, this due date is extended till 30th November, 2020.

How ITR Filing Changes are Relieving for the Taxpayers?

Since the deadline of receiving Form-16 is already extended from June 10, 2020 to June 30, 2020, the extension of ITR filing dates helps in this way:

  • A taxpayer gets more time to properly revise Form-16
  • More timegiven to the taxpayer to file ITR after receiving Form-16
  • Lessens the possibility of Late ITR filing/Defective ITR filing

Note:To deal with the critical situation, due dates of various ITR Notices/Approval Orders/Filing of Appeals/Applicationsand litigation proceedings are also extended in the relief plan.

  • September 30th: In every Assessment Year, this is the ITR filing deadline for those taxpayers whose Books of Account are not required to be audited. The taxpayers include:
    • Company

 

Changes Made in Due Dates u/s 139(1) of IT Act

For FY 2019-20, this due date is extended till 30th November, 2020.