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Relaxation to Indian Taxpayers

The COVID-19 situation has severally disrupted business operations globally. In view of the challenges faced by taxpayers in meeting the statutory and regulatory compliances due to the outbreak of COVID-19, the Indian Government had brought Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act and amendment in several acts for providing due date extensions in due course of time.

In order to provide more time to taxpayers for furnishing the statutory returns and meeting regulatory compliances, Indian government has decided as follows:
  1. Vide Press release dated 24th Oct, 2020.

  • Due Date for furnishing of Income Tax Returns for tax payers (including their partners) who are required to get their accounts audited [ for whom the due date (i.e. before the extension by new notification) as per the Income Tax Act is 31st Oct 2020] is extended to 31st Jan 2021
  • Due date for furnishing audit report & report in respect of international/specified domestic transactions extended to 31st Dec, 2020.
  • Due date for furnishing Income Tax Returns for the taxpayers who are required for furnish report in respect of international/specified domestic transactions [for whom the due date (i.e. before the extension by the said notification0 as per the Act is 30th Nov,2020] has been extended to 31st Jan, 2021.
  • Date for payment of self-assessment tax for those with self-assessment tax liability of up to Rs 1 lakh extended to 31st Jan, 2021.

  2. Vide Notification S.O. 3847(E), dated 27th Oct, 2020:

  • Due date for payment of tax arrears (100% of tax) without any additional amount under DTVSV Act, 2020 has been extended from 31st December 2020 to 31st March 2021.-
  • After 31st March 2021 i.e. from 1st of April 2021 onwards, tax along with 10% additional amount shall be payable. Last date for such payment still not notified.
  • However, declaration shall be filed on or before 31st December 2020.

  3. Vide Notification No. 80 /2020 – Central Tax dated 28th Oct, 2020:

Due date for filing of Annual Return (Form GSTR-9/GSTR-9A) and Reconciliation Statement (Form GSTR-9C) for financial year 2018-19 has been further extended from 31st Oct, 2020 to 31st Dec, 2020.

Such extensions by Indian government are welcomed by the Indian taxpayers who are already deeply impacted by the COVID-19 pandemic.