Income Tax Return filing last date extended for these taxpayers!

Income Tax Return filing last date extended for these taxpayers!

Income  Tax Return (ITR) Filing 2020: The Finance Bill 2020 has extended the due date for filing of return by companies and persons who are required to get their accounts audited. The due date for such taxpayers has been extended from September 30 to October 31 of the Assessment Year. The date has been extended through amendments in Section 139 of the Income Tax Act.

Loading...

Twin amendments
Section 139 of the Income Tax Act provides various provisions for filing tax returns. As per Section 139 (1), it is mandatory for every person – be it a company, or a  firm, or a person other than a company, or a firm, whose total income, or the total income of any other person in respect of which he is assessable under the Income Tax Act, during the previous year exceeded the maximum amount which is not chargeable to income-tax – to file return on or before the due date.

What has changed
As per Explanation 2 of this sub-section, the due date for “a working partner of a firm whose accounts are required to be audited under this Act or under any other law for the time being in force” was the 30th day of September of the assessment year.

The Finance Bill 2020 has removed the word “working”. Also, the words  “30th day of September” have been substituted by “31st day of October”. The twin amendments mean, companies and persons, who are required to get their accounts audited, can file their returns by October 31.

Taxpayer’s Charter
Budget 2020 proposed to introduce a Taxpayer’s Charter. “Any tax system requires trust between taxpayers and the administration. This will be possible only when taxpayer’s rights are clearly enumerated. Towards this end, and with the objective of enhancing the efficiency of the delivery system of the Income Tax Department, I propose to amend the provisions of the Income Tax Act to mandate the Central Board of Direct Taxes (CBDT) to adopt a Taxpayers’ Charter,” FM Nirmala Sitharaman had said.

Source:- financialexpress

Share:
Loading...

You may also like...