For Quick Alerts
For Daily Alerts

ITR Filing Date Extended For This Taxpayer Category


Through amendments in Section 139 of the Income Tax Act, the Finance Bill 2020 has extended the last date for filing income tax return for companies as well as taxpayers required to get their accounts audited. Section 139 provides for various provisions related to filing of ITR. The due date for filing ITR for such taxpayer categories now stands extended from September 30 to October 31 of the Assessment Year.

ITR Filing Date Extended For This Taxpayer Category

Assessment Year is the year following a particular financial year. Say for instance, for the financial year 2019-20, the assessment year would be 2020-21.

Section 139 (1) mandates every person- be it a company, or a firm, or a person other than a company, or a firm, whose total income, or the total income of any other person in respect of which he is assessable under the Income Tax Act, during the previous year exceeded the threshold income not chargeable to tax, to file return on or before the due date.

What is the change made?

In respect of explanation 2 of Section 139 (1), the due date for "a working partner of a firm whose accounts are required to be audited under this Act or under any other law for the time being in force" was the 30th day of September of the assessment year. But the Finance Bill 2020 has made two changes wherein at the first instance it has omitted the word 'working' and as a second change it has replaced '30th day of September' with "31st day of October".

So, now post this change, companies as well as taxpayers who are required to get their accounts audited can file their ITR by October 31.

Read more about: itr income tax income tax act
Story first published: Monday, February 10, 2020, 15:41 [IST]
Company Search
Get Instant News Updates
Notification Settings X
Time Settings
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more