Update: Extension of due date for furnishing Income Tax Returns and Audit Reports and GST Annual Returns

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Update: Extension of due date for furnishing Income Tax Returns and Audit Reports and GST Annual Returns

Tejasvi

@tejasvi

October 26, 2020

Public Policy

649

In view of the difficulties faced by the taxpayers in adhering to deadlines for compliance under the Income Tax Act and GST Act, Ministry of Finance (MoF) has extended the due dates of various compliances. Last week, NASSCOM made a representation to MoF requesting for extension of due date for filing income tax returns and audit report by companies for Financial Year (FY) 2019-20 as well as to GST Policy Wing for extension of timelines for filing annual returns (Form GSTR-9 and 9C) for FY 2018-19. Our representation to MoF is available here and here.

A. The revised due dates for furnishing returns are as follows:

For taxpayers who are required to get their accounts audited – 31st January 2021 (from 31st October, 2020)
For taxpayers who are required to furnish report in respect of international/specified domestic transactions – 31st January 2021 (from 30th November, 2020).
Other taxpayers – 31st December, 2020 (from 31st July, 2020).

B. Due date for furnishing audit reports (tax audit report and transfer pricing report) has been extended to 31st December, 2020 (from 31st October, 2020)

C. Due date for payment of self-assessment tax by taxpayers whose self-assessment tax liability is up to Rs. 1 lakh – 31st January, 2021 for taxpayers requiring tax audit and Transfer pricing cases and 31st December, 2020 for others.

D. GST Annual Return (Form GSTR 9/ 9A) and reconciliation statement (Form GSTR 9C) for FY 2018-19 – Due date has been extended to December 31, 2020 from October 31, 2020. Further, filing of Annual Return for 2018-19 is optional for taxpayers having aggregate turnover below INR 2 crores and filing of reconciliation statement is optional for taxpayers having aggregate turnover up to INR 5 crores.

The extension in due dates are a welcome move. These amendments will enable taxpayers to adhere to the compliance requirement in this critical situation of Covid-19 pandemic.

We hope you will find the update useful.

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Tejasvi