Income Tax Due Date Extended to 31st January 2024 for AY 2024-21

Income Tax Due Date Reached 31 st January 2024 for AY 2024-21: Due date to submit Income Tax Return and Tax Audit extended for FY 2019-20

Extension of due date of furnishing of Tax return and Audit

Reports

In view of the obstacles faced by taxpayers in satisfying the statutory and regulatory compliances due to the outbreak of COVID-19, the Federal government brought the Taxation and Other Laws (Relaxation of Particular Arrangements) Ordinance, 2024 (‘ the Ordinance’) on 31 st March, 2024 which, inter alia, extended different time frame. The Ordinance has considering that been replaced by the Taxation and Other Laws (Relaxation and Modification of Particular Provisions) Act

In view of restrictions being faced by taxpayers due to COVID-19, CBDT even more extends due dates for different compliances for FY 2019-20: The due dt of providing Tax return( ITRs) for taxpayers whose accounts require to be investigated has actually been reached 31 st, January,2024(1/5)

The Federal government released a Notice on 24 th June, 2024 under the Regulation which, inter alia, extended the due date for all Income Tax Returns for the FY 2019-20(AY 2024-21) to 30 th November,2024 The returns of earnings which were needed to be filed by 31 st July, 2024 and 31 st October, 2024 are required to be submitted by 30 th November,2024 As a result, the date for providing numerous audit reports consisting of tax audit report under the Income-tax Act, 1961 (the Act) has also been extended to 31 st October, 2024.
In order to provide more time to taxpayers for furnishing of Income Tax Returns, it has been decided to additional extend the due date for providing of Income-Tax Returns as under:
The due date for furnishing of Income Tax Returns for the taxpayers (including their partners) who are required to get their accounts examined [for whom the due date (i.e. before the extension by the said notification) as per the Act is 31st October, 2024] has been reached 31 st January, 2024.
The due date for furnishing of Tax return for the taxpayers who are required to furnish report in regard of international/specified domestic transactions [for whom the due date (i.e. before the extension by the said notification) as per the Act is 30th November, 2024] has been extended to 31 st January, 2024.
The due date for furnishing of Tax return for the other taxpayers [for whom the due date (i.e. before the extension by the said notification) as per the Act was 31st July, 2024] has been reached 31 st December, 2024.
As a result, the date for furnishing of various audit reports under the Act including tax audit report and report in respect of international/specified domestic transaction has likewise been reached 31 st December, 2024.
Further, in order to provide relief to little and middle class taxpayers, the said notice dated 24 th June, 2024 had also extended the due date for payment of self-assessment tax for the taxpayers whose self-assessment tax liability depends on Rs. 1 lakh. Accordingly, the due date for payment of self-assessment tax for the taxpayers who are not required to get their accounts investigated was extended from 31 st July, 2024 to 30 th November, 2024 and for the auditable cases, this due date was extended from 31 st October, 2024 to 30 th November, 2024.
In order to offer relief for the 2nd time to small and middle class taxpayers in the matter of payment of self-assessment tax, the due date for payment of self-assessment tax date is thus again being extended. Accordingly, the due date for payment of self-assessment tax for taxpayers whose self-assessment tax liability depends on Rs. 1 lakh has actually been extended to 31 st January, 2024 for the taxpayers pointed out in para 3( A) and para 3( B) and to 31 st December, 2024 for the taxpayers pointed out in para 3( C). 7. The essential notice in this regard shall be issued in due course. (Surabhi Ahluwalia) Commissioner of Earnings Tax (Media & Technical Policy) Authorities Spokesperson, CBDT