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26 October 2020
Extension in Due Date for filing Income Tax Returns including Tax Audit Report and Transfer Pricing Report for A.Y. 2020-21 (FY 2019-20)

Currently, the due date for filing tax audit report and transfer pricing report is 31 October 2020 and for filing return of income for all the taxpayers is 30 November 2020. The due date for filing return of income was extended vide the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act considering the adversities arising due to the COVID-19 pandemic.

Considering the hassles and hardships faced by the taxpayers, the Government has once again extended the due dates for filing return of income including the filing of the tax audit report and transfer pricing report vide Press Release dated 24 October 2020. The revised due dates are as under:

 
Particulars Revised Due Date as per Press Release dated 24 October 2020
Filing of Tax Audit Report
 
31 December 2020
Filing of Transfer Pricing Report in form 3CEB 31 December 2020
Filing of Return of income where Tax Audit is applicable   31 January 2021
Filing of Return of income where Transfer Pricing is applicable 31 January 2021
Filing of Return of income for other tax payers for whom the original due date was 31 July   31 December 2020
Payment of Self-Assessment Tax where liability is upto INR 1 Lakh where tax audit or transfer pricing is applicable 31 January 2021
Payment of Self-Assessment in all other cases 31 December 2020
Our Comments

This is a welcome move, which would provide much-needed relief to the taxpayers who are mostly working with limited resources amidst these challenging times. However, there is no clarity whether the due date for filing returns of other entities not falling in the above criteria, eg. Foreign companies, has been extended or not.

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