Thursday, May 6

Government extends deadline to file I-T returns by 10 days

Government extends deadline to file I-T returns by 10 days

NEW DELHI: Right after intense lobbying by chartered accountants and tax industry experts, the govt has granted a refreshing extension to individuals who have not filed their returns, citing Covid-19 as the motive.
A vast majority of unique taxpayers, who had been previously demanded to file their returns by December 31, have been presented yet another 10 times till January 10 to comply with the statutory need, for which the first deadline was July 31.
The deadline for making declarations less than the ‘Vivad se Vishwas’ plan has also been extended up to January 31. Further more, I-T returns for tax audit assessees can be submitted up to February 15.

There is a leisure for GST far too with an extension offered for filing the returns for FY20 to February 28. But the deadline for FY19 ends on Thursday, additional CA Vinod Jain.
Authorities resources sought to portray the extension as an illustration of the Centre staying responsive to the specifications and pointed out that the supplemental time specified was a lot much more than what was made available in other countries. Despite the fact that the US had presented a 6-month extension, other nations around the world such as Singapore and Canada ended up considerably less liberal.
On Wednesday, close to 16.7 lakh returns experienced been filed, in accordance to the details unveiled by the I-T office as people today rushed to meet the Thursday deadline.
Up to Wednesday night, more than 4.5 crore returns experienced been filed, which was 5% decrease than the equivalent quantity for 2019. The government announced the peace on Wednesday night, with just about a working day left for the returns to be filed.

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