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    ITR filing deadline extended from Dec 31 to January 10, 2021 for these taxpayers

    Story outline

    • This is the third time government has extended the deadline for taxpayers for whom the normal deadline is July 31.
    • The government has also extended the date to submit the tax audit report to January 15, 2021.
    • The last date of filing declaration under Vivad Se Vishwas Scheme has been extended to January 31, 2021.
    Relief for taxpayers, ITR filing deadline extended from December 31 to January 10, 2021
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    The government extended the deadline to file income tax return (ITR) for FY 2019-20 for most individuals from the earlier deadline of December 31, 2020, to January 10, 2021, as per the press release dated December 30, 2020. The extension of the deadline is for those individuals whose accounts are not required to be audited and who usually file their income tax return using ITR-1 or ITR-4 forms, as applicable.

    This was the third time that the government extended the deadline to file a tax return - first from the normal deadline of July 31 to November 30, 2020, and then to December 31, 2020.

    Further the press release stated that the deadline for other taxpayers, such as companies etc., whose accounts are required to be audited (including partners of a firm) and/or those who have to submit a report in respect to international financial transactions has been extended to February 15, 2021.

    New due dates for various compliance under Direct Tax Laws
    Nature of compliance

    Original due dates

    Due dates after previous extension

    New due dates

    Due date for ITR filing if assessee is required to furnish a report of transfer pricing (TP) Audit in Form No. 3CEB.

    30-11-2020

    31-01-2021

    15-02-2021

    Due date for ITR filing for a company assessee

    31-10-2020

    31-01-2021

    15-02-2021

    Due date for ITR filing for any assessee who is required to get its accounts audited under the Income-tax Act or under any other law

    31-10-2020

    31-01-2021

    15-02-2021

    Due date for ITR filing for an assessee who is a partner in a firm whose accounts are required to be audited

    31-10-2020

    31-01-2021

    15-02-2021

    Due date for ITR filing in any other case i.e. individual taxpayers whose accounts are not required to be audited

    31-07-2020

    31-12-2020

    10-01-2021

    Furnishing of tax audit report for the assessment year 2020-21

    30-09-2020

    31-12-2020

    15-01-2021

    Furnishing of Transfer Pricing Audit Report in Form 3CEB for the assessment year 2020-21

    31-10-2020

    31-12-2020

    15-01-2021

    Filing of declaration to opt for Vivad Se Vishwas Scheme

    31-03-2020

    31-12-2020

    31-01-2021

    Source: Taxmann.com

    The government has also extended the date of furnishing the tax audit report to January 15, 2021, from the current deadline of December 31, 2o20. The last date of furnishing declaration under Vivad se Vishwaas Scheme has also been extended to January 31, 2021, from the earlier deadline of December 31, 2020.

    Taxpayers have been asking for this extension of the ITR filing deadline due to the on-going novel coronavirus pandemic. Many chartered accountants and tax practitioner societies had appealed to the government to extend the ITR filing deadline to allow sufficient time for individuals to file ITR properly. The on-going pandemic has made it difficult for people to collect information and file their income tax returns correctly, especially those who are not very technology savvy. For instance, senior citizens who do not use Net-banking facility cannot ascertain correct savings account interest income and fixed deposit interest income without getting their passbooks updated or collecting interest certificate from the bank branch.

    Further, this year, if the ITR was not filed by the earlier deadline December 31, then the penalty or late filing fees levied for filing a belated ITR would have been twice that payable the previous year. This is because if you miss the normal ITR filing deadline (i.e. July 31) and file a belated return by December 31 of the same year, then a late filing fee of Rs 5000 is payable. However, if belated ITR is filed between January 1, and March 31 of the relevant assessment year then the late filing fee is Rs 10,000. As the period between July to December 31 would already had been over once the deadline of December 31 was missed, a higher penalty of Rs 10,000 would automatically be applied. Thus, the extension will provide relief to individuals who may have missed the deadline and have had to file a belated ITR with the higher penalty.

    It is to be noted that late filing fees or penalty are only Rs 1,000 for those with taxable income up to Rs 5 lakh and those required to file returns under the seventh proviso of Section 139(1) of the Income-tax Act. This is a recently introduced proviso which makes it mandatory for people to file ITRs if they meet certain specified criteria even if they are not mandatorily required to do so under the normal/regular provisions of the IT Act.

    Under this newly inserted seventh proviso of section 139 of the Income-tax Act, ITR filing is mandatory in the following cases:
    A) If you have deposited Rs 1 crore or more in one or more current accounts maintained with a bank or co-operative bank;
    B) If you have spent Rs 2 lakh or more on foreign travel on self or any other person in the relevant financial year; and
    C) If you have paid an electricity bill of Rs 1 lakh or more in the relevant FY.
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    20 Comments on this Story

    nagaraju10 days ago
    please give one more chance for ITR filing because not possible to do ITR file before 10th Jan. please extent this month end. its my request.
    Manoj Agarwal11 days ago
    penalty must be waived
    Yuvaraj16 days ago
    Fee U/S 234F is levied for AY 20-21.10th Jan-21 last extension is not reflected .I was planning to file my ITR-1 for the FY Apr-19 to mar-20 (Assessment year - 2020-21) on 01st January since the last date for filing ITR-1 is extended from 31-Dec-20 to 10-Jan-21. But Fee u/s 234F for the amount of 10000 rupees is getting included in my ITR-1 . Since the last date is extended to 10th January, Fee u/s 234F should not be levied. Am i Right?
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