If you haven’t filed you tax returns till now, you don’t have to panic, as the government has extended various timelines for doing so. The income tax return (ITR) for Assessment Year 2020-21 was to be filed by December 31 for various assessees. On account of the disruption due to the COVID-19 pandemic, deadlines have been extended.

"In view of the continued challenges faced by taxpayers in meeting statutory compliances due to outbreak of COVID-19, the Government further extends the dates for various compliances," the finance ministry said in a tweet. It is to be noted here that chartered accountants have been demanding extension of the deadlines.

Deadline extension

As per the press release issued by the Department of Revenue in the finance ministry, for individual taxpayers, who are not required to get their accounts audited, the last date for filing ITR has now been extended to January 10, 2021. For those facing technical glitches and are desperately getting their paperwork in order, the extension comes as a relief. But it is always advisable not to wait for the last moment for filing your returns.

Similarly, the due date for furnishing of ITR for the taxpayers (including their partners) who are required to get their accounts audited and companies has been extended to February 15, 2021.

The due date for furnishing of ITR for the taxpayers who are required to furnish reports in respect of international/specified domestic transactions will also have time till February 15, 2021 to file their ITR.

The date for furnishing of various audit reports including tax audit report and report in respect of international/specified domestic transaction was January 15, 2021.

The due date for payment of self-assessment tax for taxpayers whose self-assessment tax liability is up to Rs 1 lakh has been extended to February 15, 2021 for the taxpayers (who are required to their accounts audited or furnish returns in respect of international or specified transactions) and January 10, 2021 for other taxpayers.

In respect of the Vivad Se Vishwas Scheme, the last date for making a declaration has been extended to January 31, 2021 from December 31, 2020. Also, the date for passing of orders under the scheme, which are required to be passed by January 30, 2021 has been extended to January 31, 2021.

Also, the date for passing of order or issuance of notice by the authorities under the Direct Taxes & Benami Acts which are required to be passed/ issued/ made by March 30, 2021 has been extended to March 31, 2021.