The finance ministry has notified the prolonged due date for submitting earnings tax returns (ITR) for the 2019-20 fiscal. Whereas the deadline for submitting ITR by particular person taxpayers has been prolonged by a month until December 31, the due date for these taxpayers whose accounts have to be audited has been prolonged to January 31, 2021.
Nangia Andersen LLP Accomplice Sandeep Jhunjhunwala stated though the federal government had introduced the extension of ITR and audit report submitting due dates final week, however there was an ambiguity if such extension is on the market for corporates to whom tax audit and switch pricing reporting was not relevant, as an illustration, international firms having no related enterprise in India and but incomes earnings from Indian sources.
“At this time’s notification has cleared the air by extending the due dates for such entities as properly. Consequently, all Indian and international firms who usually are not liable to acquire a tax audit or don’t keep switch pricing paperwork can now file ITR by January 31, 2021, whereas people not liable to tax audit should file their tax returns by December 31, 2020,” Jhunjhunwala stated.
The federal government had earlier in Might prolonged varied due dates for submitting ITRsfor the 2019-20 fiscal from July 31 to November 30, to present compliance aid to taxpayers because of the COVID-19 pandemic.