Finally much awaited news has arrived... CBDT has extended due date of furnishing tax audit report and Income Tax Return for the Financial Year 2019-20 (Assessment Year 2020-21). In this respect, a press release has been issued by Ministry of Finance today on 24th October, 2020. The gist of the press release is as below:-
| Nature of Audit Report/ Income Tax Return to be filed | Due date extended to |
| Tax Audit Report | 31st December, 2020 |
| Audit Reports other than Tax Audit Report to be furnished under Income Tax Act | 31st December, 2020 |
| Report in respect of international/ specified domestic transactions | 31st December, 2020 |
| Income Tax Returns for the taxpayers (including their partners) whose accounts are audited | 31st January, 2021 |
| Income Tax Returns for the taxpayers who are required to furnish report in respect of international/ specific domestic transactions | 31st January, 2021 |
| Income Tax Returns for other taxpayers | 31st December, 2020 |
Further, the relief has been provided to small taxpayers whose self assessment tax liability is up to Rs. 1 Lakh. Accordingly, the due date for payment of self assessment tax for the taxpayers who are not required to get their accounts audited is extended to 31st December, 2020 and for the auditable cases, the due date is extended for payment of self assessment tax to 31st January, 2021.
