Bhopal: In view of the stalled business due to Corona crisis and lockdown in the country, the Central Board of Direct Taxes (CBDT) has extended the deferment till 31 March 2021 for the last financial year 2019-20 returns and tax filing. Probably for the first time in the history of the Income Tax Department, such a decision has been taken. At present, the department has been asked not to take strict action like penalty, recovery and demand notice.

The CBDT had extended this period for three months from March 31, 2020, for tax collection, submission of returns and timely assessment at the departmental level due to the Corona epidemic. Meanwhile, the Corona crisis continued to grow, so this date has been extended till the end of next year's financial year. This decision is going to provide relief to taxpayers across the country.

In this way both the financial year accounts and tax payment can be done simultaneously. Taxpayers who could not invest to take advantage of income tax exemption during the last financial year 2019-20 will also get time till 31 March 2021. This is the first time in the country after the Income Tax Act, which came into force from the year 1961, when the department has extended the entire period of one year for taxpayers to submit taxes and returns etc. During the six decades, due to disasters like war, flood or earthquake, there have been many occasions when the department has extended the deferment of few months in the respective states.

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