Aishna Kukreja
Quick Summary
Update: The Finance Ministry has extended the due dates for filing Income Tax Returns, Tax Audit Reports, and GST Compliances. The updated due dates are as follows: 1. INCOME TAX RETURN (For taxpayers who are required to get their accounts audited) - 15th February 2021 2. INCOME TAX RETURN (
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FAQ :
The updated due dates are: Income Tax Return (for audited taxpayers) - 15th February 2021; Income Tax Return (for non-audited taxpayers) - 10th January 2021; Tax Audit Reports - 15th January 2021; and GST Annual Return (FY 19-20) - 28th February 2021.
The initial extension was granted due to the impact of the COVID-19 pandemic on Chartered Accountant offices and taxpayers, leading to difficulties in completing audits and filings.
Arguments for further extension include the continued rise in COVID-19 cases affecting staff availability and operations, overlapping deadlines with other compliances like GST and MCA, delays in income tax utility releases, new reporting requirements, changes in tax audit forms, and ongoing technical issues with the income tax portal.
The release of income tax utilities and instructions was delayed by an average of 4 months this year, making them available later than usual and causing further trouble for professionals and taxpayers trying to meet deadlines.
Users have reported various bugs, including the inability to see CAPTCHA codes when logging in, which disrupts work and makes meeting deadlines more challenging.
Various associations and professionals have proposed extending the due dates for Tax Audit Returns and Transfer Pricing Audit Returns to 28th February 2021, and Income Tax Returns to 28th February 2021 (for those not requiring tax audit) and 31st March 2021 (for those requiring tax audit).
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