Revised Income Tax Return and Tax Audit Due date for Financial Year 2019-20 and certain Changes in Direct Tax Laws also
The finance minister has announced the 20 Lakh crore stimulus package in which the new due dates for Income tax return filing for various assessees and application for Vivad se Vishwas was announced.
Due date for tax filing for Individuals, HUF, Firm and LLP:
As per section 139(1), individual or HUF or firm or LLP who is not required to gets their books of accounts audited under section 44AD or under any law are required to file their Income Tax Return on or before 31st July of the assessment year. The due date for Income tax return for the Financial year is 31st July 2020.
As per the announcement made by the finance minister in the press meet on 13th May 2020, the due date for filing Income Tax Return has been extended the new date is 30th November 2020.
Due date for tax filing for Individuals, HUF covered under Audit:
As per section 139(1), individual or HUF who is are required to gets their books of accounts audited under section 44AD or under any law are required to file their Income Tax Return on or before 30th September of the assessment year. The due date for Income tax return for the Financial year is 30th September 2020.
Audit Mandatory for the below persons:
- In case of individuals who are having annual turnover of more than Rs. 5 crores in case of business or Gross receipts of Rs. 50 Lakhs or more in case of Profession individual like doctor, lawyers etc.
- Where the assessee is covered by presumptive scheme and the profit reported by the assessee is less 8% or 6% of the total turnover in case of business and 50% of the total gross receipts.
- Companies covered under the companies act or any other law
As per the announcement made by the finance minister in the press meet on 13th May 2020, the due date for filing Income Tax Return has been extended the new date is 31st October 2020.
The revised due dates can be summarized as below:
|Particulars||New Due date||Old Due date|
|Individuals/ HUF who are not required to get their books of accounts audited under section 44AD||30th November 2020||31st July 2020|
|Individuals/ HUF who are required to get their books of accounts audited under section 44AD||31st October 2020||30th September 2020|
|Persons other than Individual/ HUF who are required to get their books of accounts audited under section 44AD or under any other law||31st October 2020||30th September 2020|
|Company who is covered under companies act 2013||31st October 2020||30th September 2020|
|Assessee covered under Vivad se Vishwas scheme||31st December 2020||30th June 2020|
Due date for Vivad Se Vishwas:
Under Vivad se Vishwas Scheme is an aim to end the pending tax dispute and to reduce litigation. It helps taxpayers end their tax disputes with the department by paying disputed tax and get waiver from payment of interest and penalty. Also get immunity from prosecution. Assessee can avail these by if he applies to the scheme on or before 31st March 2020.
As per the Finance act, 2020 Appeals pending before the Commissioner of Appeals, Income Tax Appellate Tribunal (ITAT), High Court or Supreme Court, and writ petitions pending before High Court (HC) or Supreme Court (SC) or special leave petitions (SLPs) pending before SC as on the 31st day of January, 2020 are covered under the Vivad se Vishwas Scheme. Cases where the order has been passed but the time limit for filing appeal under the Income-tax Act, 1961 (the Act) against the order has not expired as on the specified date are also covered. Similarly, cases where objections filed by the assessee against draft order are pending with Dispute Resolution Panel (DRP) or where DRP has given the directions but the Assessing Officer (AO) has not yet passed the final order on or before the specified date are also covered. Cases where revision application under section 264 of the Act is pending before the Principal Commissioner or Commissioner are covered as well. Further, where a declarant has initiated any proceeding or given any notice for arbitration, conciliation or mediation as referred to in section 4 of the Bill is also covered.
Revised Due date for Vivad se Vishwas:
Earlier during late March 2020 due to COVID 19 crises the government decided to extend the due date for application under the scheme to 30th June 2020. Now, as per latest the press meet held by the Finance minister on 13th May 2020, the due date has been further extended to 31st December 2020.
Other changes made in Direct tax Law by FM Speech on 13 May 2020:
- TDS and TCS rates reduced by 25% of existing rates for all resident payments (except salary). Applicable for payments from tomorrow to 31.03.2021.
- All refunds irrespective of any amount limit to be released to charitable and non corporate entities but including LLP.
- ITR due date for FY 2019-20 extended to 30.11.2020
- Audit report date for FY 2019-20 extended to 31.10.2020.
- Vivad se vishwas scheme time limit extended to 31.12.2020 w/o any additional payment.
- Date of assessment getting barred on 30.09.3020 extended to 31.12.2020 and getting barred on 31.03.2021 extended to 30.09.2021.
- All the Pending Refund to Charitable Trust and Non Corporate Business and Professional Shall be Release Soon.