In view of the unprecedented scenario faced by the taxpayers due to COVID-19 outbreak, the government has extended various time limits for income tax return filing for FY 2019-20. To initiate this special provision, the government has brought taxation and other laws with (relaxation of certain provisions) ordinance 2020 which inter alia extended various time limits for various audit reports.
The due date for furnishing of Income-Tax Returns stands extended as under:
(i) The taxpayers (including their partners) who are required to get their accounts audited can file Income Tax Returns for up to 31st January 2021.
(ii) The taxpayers who are required to furnish reports in respect of international/specified domestic transactions can file their IT return up to 31st January 2021.
(iii) Other taxpayers can furnish IT returns up to 31st December 2020.
Consequently, various audit reports under the Act including tax audit reports and reports in respect of international/specified domestic transactions can be filed up to 31st December 2020.
The government has also extended due date for filing the annual return and reconciliation statement (forms GSTR-9 and GSTR-9C) for FY 2018-19 from 31st October 2020 to 31st December 2020, taking into consideration that the normal operation of businesses has not been possible in several parts of the country due to the spread of the pandemic. However, for the taxpayers who had an aggregate turnover below Rs 2 crore. the filing of Annual Return for 2018-19 is optional and the filing of reconciliation statement in form 9C for 2018-19 for the taxpayers with aggregate turnover up to Rs 5 crore is also optional.