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bookkeeping, accounting, taxes

DUE DATES FOR INCOME TAX & GST RETURNS FURTHER EXTENDED

DUE DATES FOR INCOME TAX & GST RETURNS FURTHER EXTENDED

bookkeeping, accounting, taxes
The government had earlier in May extended various due dates for filing ITRs for FY2019-20 from July 31 to November 30.

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The government had earlier in May extended various due dates for filing ITRs for FY2019-20 from July 31 to November 30.

The government has further extended the filing deadlines for income-tax (I-T) returns and GST annual returns. The deadline for filing I-T returns for individuals for financial year 2019-20 (assessment year 2020-21) has been extended by a month to December 31 and the due date for Income Tax Returns for taxpayers whose accounts require to be audited has been extended till January 31 next year.

Separately, the government on Saturday also extended the due date for GST annual returns for FY2018-19 by two months to December 31.

Many associations of tax consultants, chartered accountants had been over the last few weeks making representations to the Finance Ministry for a further extension of filing deadlines, citing difficulties in running normal business operations due to the Covid-19 pandemic.

 

The government had last month extended the last date for filing GST annual return and audit report for the 2018-19 fiscal by a month till October 31. In a statement, the Central Board of Indirect Taxes and Customs (CBIC) said the government has been receiving a number of representations regarding the need to extend the due date for filing the Annual Return (Form GSTR-9) and Reconciliation Statement (Form GSTR-9C) for FY2018-19 and hence, further extended the due date from October 31, 2020 to December 31, 2020

GSTR 9, the annual return under GST, consists of details regarding the outward and inward supplies made or received under different tax heads. GSTR-9C is a statement of reconciliation between GSTR-9 and the audited annual financial statement. The annual return is mandatory only for taxpayers with aggregate annual turnover of above Rs 2 crore while reconciliation statement is to be furnished only by the registered persons having aggregate turnover above Rs 5 crore.

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