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Due dates for filing Income Tax Return for Financial Year 2019-20 (AY 2020-21)

due dates for filing income tax return
CA Devesh Thakur

Due Dates for filing the Income Tax Return Filing for Assessment Year 2020-21 (Financial Year 2019-20)

Update 30th December 2020

income tax return due date extension itr due date extended
itr due date extended further extension


Update 24th October 2020 Press Release

Ministry of Finance has further extended the due date of furnishing of Income Tax Returns and Audit Reports for Assessment Year 2020-21 (ITR Due date for FY 2019-20)

Assessee’s (including their partners) who are required to get their accounts audited.Original Due date: 31st October 2020 i.e. before any extension given by the notification.
Due date further extended till 31st January 2021
Further Extended till 15th February 2021 (Press Release dated 30th December 2020)
Assessee’s who are required to furnish report in respect of international/ specified domestic transactions.Original Due date: 31st October 2020 i.e. before any extension given by the notification.
Due date further extended till 31st January 2021
Further Extended till 15th February 2021
(Press Release dated 30th December 2020)
Normal Taxpayers/ Other than those specified above.Original Due date: 31st July 2020 i.e. before any extension given by the notification.
Due date further extended till 31st December 2020
Further Extended till 10th January 2021
(Press Release dated 30th December 2020)

Further relief in context with payment of Self-Assessment tax has also been extended from the earlier notification dated 24th June 2020.

Taxpayers whose Self-Assessment tax liability is up to Rs. 1 LakhDue date extended to
Assessee’s (including their partners) who are required to get their accounts audited.Due date further extended till 31st January 2021
Till 15th February 2021
(Press Release dated 30th December 2020)
Assessee’s who are required to furnish report in respect of international/ specified domestic transactions.Due date further extended till 31st January 2021
Extended till 15th February 2021
(Press Release dated 30th December 2020)
Normal Taxpayers/ Other than those specified above.Due date further extended till 31st December 2020
Further extended till 10th January 2021
(Press Release dated 30th December 2020)

The Government on 13th May 2020 has announced various relief measures to fight against COVID-19. The Due dates for filing Income Tax Return for the Financial Year 2019-20 (AY 2020-21) has been extended.

How to Check Status of your Income Tax Refund AY 2020-21

Press Release – Ministry of Finance dated 13.05.2020

    (a) In the case of Taxpayers whose Books of Account are not required to be audited

Due Date for Filing Income Tax ReturnDue Date as per the relief provided under COVID-19 [Due date extended]
31st July 202030th November 2020

    (b) In the case of Taxpayers whose Books of Accounts are required to be audited

Due Date for Filing Income Tax ReturnDue Date as per the relief provided under COVID-19 [Due date extended]
30th September 202031st October 2020

    (c) Where the assessee is required to furnish a report under section 92E [international/ specified domestic transaction(s)]

Due date for filing Return of Income30th November 2020

Note:

Due date for filing of Income Tax Return/ Tax Audit Reports for all the categories of aseesees in the Union Territory of Jammu & Kashmir and Union Territory of Ladakh who were required to file Income Tax Return and whose books of accounts are not required to be audited is 31st July 2020 and for the assessee’s whose books of accounts are required to be audited is 30th September 2020.

Section 234F: Fee for Delay in Filing Income Tax Return

Total IncomeReturn FiledFee (Penalty)
Exceeding Rs. 5 LakhOn or before 31st December of the Assessment year but after the due date.Rs.5,000/-
 After 31st DecemberRs.10,000/-
Upto Rs. 5 LakhAfter due dateMaximum up to Rs.1,000/-

How to calculate Interest u/s 234A, u/s 234B, u/s 234C and Fee u/s 234F

Understand the concept of section 234F with the below mentioned different cases:

Case 1

Mr. Rajesh, having his total income of Rs. 6.5 Lakh, if he files his Income-tax return for Assessment Year 2020-21 (Financial Year 2019-20) on 30/10/2020. What will be the fee (penalty) under section 234F?

Since the Income-tax return is filed within the due date (extended upto 30/11/2020), no fee (penalty) will be levied.

Case 2

Mr. Tilak raj, having his total income of Rs. 8 lakh, if he files his Income-tax return for Assessment Year 2020-21 (Financial Year 2019-20) on 10/12/2020. What will be the fee (penalty) under section 234F?

Since the Income-tax return is filed after due date (extended upto 30/11/2020), but on or before 31/12/2019, fee (penalty) will be Rs. 5,000/-

Note: In the above situation, if total income of the Assessee does not exceed Rs. 5 Lakh, then the maximum fee (penalty) can be levied up to Rs. 1,000/-.

Case 3

Mr. Neeraj, having his total income of Rs. 5.5 lakh, if he files his Income-tax return for Assessment Year 2020-21 (Financial Year 2019-20) on 07/02/2021. What will be the fee (penalty) under section 234F?

Since the Income-tax return is filed after due date (extended upto 30/11/2020) and after 31/12/2020, fee (penalty) will be Rs. 10,000/-

Note: In the above situation, if total income of the Assessee does not exceed Rs. 5 Lakh, then the maximum fee (penalty) can be levied up to Rs. 1,000/-.

Paying the taxes is important but filing your Income Tax Returns is even more. While there are considerable benefits of doing it well within the allowed time frame, the consequences of not doing them are going to be harsh.

In case of Salaried Taxpayers: It is highly advisable to file your Income Tax Return as soon as you received your Form 16.

“Happy Return Filing”

Other related updates from Ministry of Finance dated 13.05.2020

Concessional TCS rates for the remaining period of Financial Year 2020-21

Concessional TDS rates for the remaining period of Financial Year 2020-21

“Subscribe” to our Blog for the Latest updates on Income Tax Return filing.

CA Devesh Thakur

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