Posted by The last date for filing belated or revised ITR for AY 20-21 has already been extended several times this year in the wake of the covid-19-induced lockdown. Yesterday, the Finance Ministry notified that the income tax department has again postponed the ITR filing due dates for AY 2020-21 (FY 2019-20) from November 30 to December 31, 2020, for tax individual’s taxpayers.
For Individual taxpayers who need to get their accounts audited, the last date of return filing has been shifted from October 31, 2020, to January 31, 2021. While the deadline is extended this year, experts advice not waiting till the last day to file their tax return.
This extension was given to provide relief to taxpayers in these stressful times of the COVID-19 pandemic and also provide the tax officials with the room to ensure compliance with statutory and regulatory requirements across all sectors. It is to the taxpayer’s benefit that the filing is not left to the last day of the extended period as waiting till the last minute to file a tax return can lead to errors.
Here’s why you shouldn’t wait for the Dec 31 deadline:
1. Avoid last-minute errors
2. Late interest payment
3. Quicker refund processing
4. Carry forward losses
Have more questions ? ! ? Need help in getting your ITR filed ? Feel free to contact us at:
www.classicassociate.com | support@classicassociate.com | 93444 17156
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