The central government extended the ITR filing deadline to 31 December (Current Affairs-TKB)

This is the second time when the due date for filing Income Tax Return (ITR) has been extended. Earlier, in May 2020, the government had extended the deadline for filing ITR from 31 July to 30 November 2020.

The Ministry of Finance has informed on 24 October 2020 that, the deadline for filing Income Tax Return (ITR) for the financial year 2019-20 has been extended till 31 December 2020, the earlier date for submission of ITR was 30 November 2020. .

Apart from this, the government has also extended the due date for payment of income tax till 31 December 2020 for those whose tax liability is less than Rs 1 lakh. While no such relief has been provided for those whose tax liability is high. The interest in the belated return (delayed return) will be effective from 01 August 2020.

The Union Finance Ministry has also informed that, for the taxpayers who get their tax audit done or are required to submit a report regarding their domestic or international transactions, the due date is now from 31 October 2020. Has been extended till 31 January 2021. Whereas, such persons and all others (including salaried ones), who do not require any audit, will now be able to file their returns by 31 December 2020.