Every year the due date of filing Income Tax Return (ITR) employed to be July 31 of the respective Assessment Year (AY), which was normally extended by up to 1 month if some troubles arise about the due date owing to different causes causing hardship to the assessees.
However, this year the predicament is absolutely distinct due to the Covid-19 pandemic and the nationwide lockdown that was imposed to include the spread of the extremely contagious virus.
As the Financial Year (FY) 2019-20 ended amid complete lockdown on March 31, 2020, different compliance dates – such as the due date of filing ITR for the AY 2020-21 – had been extended.
This year, due to the extension in different compliance dates, the return filing couldn’t even took off just before July 31, 2020, when the filings normally get completed in a regular year.
This was simply because the date for furnishing of Tax Deducted at Source (TDS) / Tax Collected at Source (TCS) statements and issuance of TDS/ TCS certificates pertaining to the FY 2019-20 was extended to July 31, 2020 and August 15, 2020 respectively.
Due to the extension in the due date for furnishing of TDS/ TCS statements and issuance of TDS/ TCS certificates, the updation of Form 26AS couldn’t be carried out just before July 31, 2020.
As Form 26AS offers compiled information about taxes deposited – such as TDS, TCS, Advance Tax, Self Assessment Tax, and so forth – it aids the taxpayers in filing their return of earnings. As a outcome, ITR filings got hampered due to the unavailability of updated Form 26AS even on July 31, 2020.
Many taxpayers missed the deadline for creating final-minute tax-saving investments as the FY 2019-20 ended amid nationwide lockdown, resulting in extension in the deadline for creating the investments – 1st to June 30, 2020 and then to July 31, 2020.
Made tax-saving investment through extended period? Here is how to show it in ITR
So, the taxpayers also got the chance till July 31, 2020 to make tax-saving investments, just before filing their return of earnings.
As a outcome, to deliver ample time to taxpayers to file their return conveniently, the due date of filing ITR for the AY 2020-21 was 1st extended to November 30, 2020 and subsequently to December 31, 2020.
So, in case you have not filed your ITR but, you needn’t get worried, as, unless extended additional, you have now 1 a lot more month, i.e. till December 31, 2020 to file the return.