Extension of Due Dates for Tax Audit Report and ITR in AY 2020-21

The Central Bureau of Direct Taxes (CBDT) by way of a Press Release issued on 24.10.2020 had extended the due dates for submitting the Tax Audit Report and Income Tax Return for the A.Y. 2020 – 2021.

In this blog, we will discuss in detail about the extended due dates of Tax Audit Report and ITR.

Extension of Due Dates for Tax Audit Report in AY 2020-21

The due dates for submitting the Tax Audit Report has been extended further by 2 months, i.e., from 31.10.2020 to 31.12.2020.

Extension of Due Dates for Filing Income Tax Return

The extended Due Dates for Filing Income Tax Return are as follows:

1. The due date for furnishing ITR for the taxpayers who need to get their accounts audited has been extended further for 3 months, i.e., from 31.10.2020 to 31.01.2021.
2. The due date for filing ITRs for all assesses who are having Tax Audit requirement regarding Domestic and International Transactions has been extended further by 2 months, i.e., from 30.11.2020 to 31.01.2021.
3. The due date for filing ITR by other taxpayers has now been extended 31.12.2020, for which the earlier date was 31.07.2020.

Also, Read: Tax Audit under Section 44AB of the Income Tax Act, 1961

Extension of Due Dates for Non- Audit Cases in AY 2020-21

Also, for the Non-audit cases, the due date has been extended by 1 month, i.e., from 30.11.2020 to 31.12.2020.

Extension of Due Dates for Self Assessment

Further, to provide relief to all the small and middle class taxpayers, the CBIC has extended the due date for making payment of self-assessment tax for the taxpayers whose liability is up to Rs1 lakh.

Accordingly, the due date for making payment of self-assessment tax for the taxpayers who are not required to get their books of accounts audited was extended from 31.07.2020 to 30.11.2020. However, the same has been further extended to 31.01.2021.

Summarised Representation for the Due Dates Extended For AY 2020 – 2021

Taxpayers	Due Date prescribed under section 139(1)	Extended Due Date	Remarks
For the Taxpayers who are subject to Tax Audit
Tax Audit Report	30.09.2020	31.12.2020	Earlier the same was extended till 31.10.2020
ITR (Income Tax Returns) Forms	31.10.2020	31.01.2021	Earlier the same was extended till 30.11.2020
For the Taxpayers who not subject to Tax Audit (Individuals, HUF [Hindu Undivided Family], etc.)	31.07.2020	31.12.2020	Earlier the same was extended till 30.11.2020
For the Taxpayers who are having International or Specified Domestic Transactions
Tax Audit Report	31.10.2020	31.12.2020	Earlier there was no extension provided
ITR Forms	30.11.2020	31.01.2021	Earlier there was no extension provided
For the Taxpayers who are subject to Self-Assessment Tax
Self Assessment Tax	31.07.2020	31.01.2021	Earlier the same was extended till 30.11.2020
For the Non-Audit Cases
Non- Audit Cases	30.11.2020	31.12.2020	Earlier there was no extension provided

Conclusion

In a nutshell, the due dates for filing Income Tax Returns filing for the A.Y. 2020-21 have been extended to provide relief to the taxpayers in the on-going pandemic situation.

However, it shall be taken into consideration that the Government^[1] has not provided any “Immunity” from the levy of interest under section 234A for the filing of ITR by 31.12.2020 or 31.01.2021 from the due date mentioned under section 139 (1) of the Act if the self-assessment tax liability exceeds Rs 1 lakh.

Further, suppose the self assessment liability is more than Rs 1 lakh. In that case the taxpayer needs to pay interest on the whole amount of the self- assessment tax, starting from the expiry of the actual due dates mentioned under section 139 (1), i.e., 31.07.2020 or 31.10.2020 as the case may be.

Also, the interest under section 234A will not be levied if the tax liability from self-assessment does not exceed the threshold of Rs 1 lakh and the ITR is furnished within the extended due date.

Also, Read: CBIC Waives off Late Fees For GSTR-4 and GSTR-10

Official Press Release

PressRelease_Extension_of_due_date_of_furnishing_of_IITR_and_Audit_Reports_24_10_20