ITR Filing Deadline Increased: New Deadline 10 January 2021

ITR filing deadline increased, GST will also get more time to file the annual return. Good news for those who have not yet filed income tax returns for the financial year 2019-20 (the assessment year 2020-21).

The government has again extended the deadline for filing income tax returns on Wednesday.

The Finance Ministry said that in view of the challenges faced by the taxpayers in fulfilling their statutory compliance due to the Coronavirus epidemic, the government has put forward the last date of various compliance.

In this way, the last date for filing Income Tax Return (ITR) for the financial year 2019-20 has now become 10 January 2021. It was earlier on December 31, 2020.

Apart from this, the deadline for filing income tax returns for the financial year 2019-20 by the companies has been extended by 15 days to 15 February 2021.

The government has extended the last date for submission of annual returns for the financial year 2019-20 till February 28 under the Central GST Act, 2017. The Income Tax Department has given this information.

For those taxpayers whose accounts need to be audited, the deadline for filing income tax returns for the assessment year 2020-21 has been extended to February 15, 2021.

The last date of the declaration has also been extended from 31 December 2020 to 31 January 2021 under the dispute-to-trust scheme.

CBDT issued a refund of more than 1.5 lakh crores

The Central Board of Direct Taxes (CBDT) has so far issued refunds of more than Rs 1.56 lakh crore in the current financial year.

According to the official statement, between April 1 and December 27, over 1.33 crore taxpayers have received refunds.

The Income Tax Department informed in a tweet that so far refunds worth Rs 50,554 crore have been issued to 1.31 crore individual taxpayers.

At the same time, a refund of 1.06 lakh crore has been given in 2.03 lakh cases of corporate tax. The Income Tax Department also informed the returns filed so far for the financial year 2019-20 (the assessment year 2020-21).

According to the department, a total of 4.54 crore returns were filed till 29 December.

December 31 is the last date for filing a non-penalty return for the financial year 2019-2020. Last year was 31 August. A total of 5.65 people had filed returns till the last date.