NO EXTENSION OF DUE DATES OF ITRs AND TAX AUDIT DUE DATES

The amended taxation bill passed by loksabha. The ambiguity of language created an impression that dates for filing ITRs etc has been extended. However that is not true. 

The bill starts from third proviso of section 3 which is as under:

“Provided also that where the specified Act is the Income-tax Act, 1961 and the compliance relates to—

(i) furnishing of return under section 139 thereof, for the assessment year commencing on the—

(a) 1st day of April, 2019, the provision of this sub-section shall have the effect as if for the figures, letters and words “31st day of March, 2021”, the figures, letters and words “30th day of September, 2020” had been substituted;

(b) 1st day of April, 2020, the provision of this sub-section shall have the effect as if for the figures, letters and words “31st day of March, 2021”, the figures, letters and words “30th day of November, 2020” had been substituted;

(vii) furnishing of report of audit under any provision thereof for the assessment year commencing on the 1st day of April, 2020, the provision of this sub-section shall have the effect as if for the figures, letters and words “31st day of March, 2021”, the figures, letters and words “31st day of October, 2020” had been substituted:“

 

Now after reading the above amendments many believed for once that due date have been extended to 31 March 2021 for all income tax returns and tax audit reports.

However, that’s not true. If one reads the above bill carefully the first sub section extends all the due date between 20 March 2020 to 31 December 2020 to 31 March 2021 whereas the next proviso clarifies that for various due dates shall not extend to 31 March 2021 where it will extend to some specific date. For eg:

1. Due date for return of A.Y. 2019-20 will be 30 September 2020 instead of 31 March 2021.

2. Due date for return of A.Y. 2020-21 u/s 139(1) will be 30 November 2020 instead of 31 March 2021.

3. Due date for tax audit report for A.Y. 2020-21 will be 31 October 2020 instead of 31 March 2021.

Thus there is no extension as on 19 September 2020 for ITR filing or Tax Audit Due date.



CA ROHIT KAPOOR
Contact: +91 9899218725
Email: connectwithcarohitkapoor@gmail.com

BILL 116 OF 2020- THE TAXATION AND OTHER LAWS (RELAXATION AND AMENDMENT OF CERTAIN PROVISIONS) BILL, 2020             


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