Will Last Date For Filing Income Tax Returns Be Extended?

Delhi: With only two days left for filing income tax returns, there are speculations over due date extension.

Questions like will Union Finance Minister Nirmala Sitharaman extend ITR filing last date for tax payers?

In the wake of closure of offices and companies due to the pandemic, direct tax professionals have sought extension for tax audit report, income tax returns for audit cases and time limit for AGMs.

The Direct Taxes Professionals’ Association (DTPA) has urged the Finance Minister for extension of date to February 28 and the due date of filing ITR of assessment year 2020-21 in audit cases to March 31.

They cited that normalcy in operations is yet to set in and many professionals as well as their staff have suffered from COVID-19. In such a situation there is an urgent need for extension of dates for furnishing tax audit reports and ITRs, DTPA stated in its demands submitted to the government, as per a report in PTI.

The individual ITR deadline is December 31, as per the report. The professionals body also sought for extension of date for filing declaration under Vivad se Vishwas (VSV) scheme from December 31 to February 28, next year.

Over 13.6 lakh Income Tax returns  were filed till 8 PM pm December 29. Almost 1.5 lakh ITRs were filed in just one hour between 7 to 8 pm on Tuesday, as per a report in The Financial Express.