Deadlines extended for filing GST, declaration under Vivad Se Vishwas scheme and Income Tax returns

By: |
December 31, 2020 7:00 AM

On the indirect tax compliance, the government has extended the date for filing annual returns under GST for financial year 2019-20 to February 28 from the previous deadline of December 31.

Further, in order to provide relief for the third time to small and middle-class taxpayers in the matter of payment of self-assessment tax, the due date extended, the government said.Further, in order to provide relief for the third time to small and middle-class taxpayers in the matter of payment of self-assessment tax, the due date extended, the government said.

The government on Wednesday extended the due dates for various tax filings, including for making declaration under the direct tax dispute resolution scheme Vivad Se Vishwas, in view of the difficulties faced by taxpayers due to the Covid-19 pandemic.

On the indirect tax compliance, the government has extended the date for filing annual returns under GST for financial year 2019-20 to February 28 from the previous deadline of December 31.

For salaried employees, the deadline for filing income tax returns for the current assessment year (AY 2020-21) has been pushed by 10 days to January 10. This had been extended twice previously from the original deadline of July 31.

Similarly, for direct tax assessees who are required to get their personal and company’s account audited, the deadline has now been extended to February 15 from January 31 earlier.

The same has been done for assessees who are required to furnish report in respect of international/specified domestic transactions, the government said in a statement.

Additionally, the due date for making declaration under Vivad se Vishwas scheme has been extended by a month to January 31.

Further, in order to provide relief for the third time to small and middle-class taxpayers in the matter of payment of self-assessment tax, the due date extended, the government said.

It added that the due date for payment of self-assessment tax for taxpayers whose tax liability is up to Rs 1 lakh has been extended to February 15 and for others it would now be January 10.

Shailesh Kumar, partner at Nangia & Co LLP said: “Taxpayer should note that the interest clock continues and taxpayers waiting to file as per further extended timeline will need to pay additional 1 month interest (except small taxpayers having self assessment tax liability up to Rs 1 lakh). Thus, if everything is final, taxpayers should go ahead with filing, instead of availing the extended period.”

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