Income Tax Return Filing & Audit Due Date is NOT Extended to 31 March 2021

There is a viral messages in social media which says,

High lights of the RACP Bill 2020 introduced in Lok Sabha.(Bill no- 116 of 2020)

1) ITR filing for AY 2019-20 is to be extended from 30th Sep to 31-3-2021.

2) ITR filing for AY 2020-21 is to be extended from 30th Nov. to 31-3-2021.

3) Filing of audit reports under any provision for AY 2020-21 is to be extended from 31st Oct to 31-3-2021…..

….. etc etc

What the Bill Says

The bill starts from third proviso of section 3 which is as under:

“Provided also that where the specified Act is the Income-tax Act, 1961 and the compliance relates to—

(i) furnishing of return under section 139 thereof, for the assessment year commencing on the—

(a) 1st day of April, 2019, the provision of this sub-section shall have the effect as if for the figures, letters and words “31st day of March, 2021”, the figures, letters and words “30th day of September, 2020” had been substituted;

(b) 1st day of April, 2020, the provision of this sub-section shall have the effect as if for the figures, letters and words “31st day of March, 2021”, the figures, letters and words “30th day of November, 2020” had been substituted;

(vii) furnishing of report of audit under any provision thereof for the assessment year commencing on the 1st day of April, 2020, the provision of this sub-section shall have the effect as if for the figures, letters and words “31st day of March, 2021”, the figures, letters and words “31st day of October, 2020” had been substituted:“

Now after reading the above amendments many believed for once that due date have been extended to 31 March 2021 for all income tax returns and tax audit reports.

However, that’s not true. If one reads the above bill carefully the first sub section extends all the due date between 20 March 2020 to 31 December 2020 to 31 March 2021 whereas the next proviso clarifies that for various due dates shall not extend to 31 March 2021 where it will extend to some specific date. For eg:

1. Due date for return of A.Y. 2019-20 will be 30 September 2020 instead of 31 March 2021.

2. Due date for return of A.Y. 2020-21 u/s 139(1) will be 30 November 2020 instead of 31 March 2021.

3. Due date for tax audit report for A.Y. 2020-21 will be 31 October 2020 instead of 31 March 2021.

Thus there is no extension as on 19 September 2020 for ITR filing or Tax Audit Due date

Revised Income Tax Return and Tax Audit Due date for Financial Year 2019-20 and Changes in Direct Tax

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List of documents & Information required for filing Income Tax Returns in India

The process of filing Income Tax Return takes some preparation. This is why the Government gives us months’ of time window period to compile all documents like salary/income details, bank statements, previous tax statements, etc. The list of documents varies as per the income earned per year and income source like salary, business profit, investment profit and so on. Compiling all your documents ready is just one aspect of it. In this article, we will discuss about the list of documents needed for filing Income Tax Returns in India.

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I. Documents & Information required for ITR 1:

ITR 1 is applicable for resident individual earning following Income:

a. Salary

b. Pension income

c. Income from one house property and

d. Interest income from fixed deposit.

e. Agriculture income up to Rs. 5,000

ITR 1 is also known as Sahaj. In case of person filing ITR 1 the below documents are required:

Aadhaar card copy
Form 16 issued by employer
Month wise salary slip where form 16 is not been issued by the employer
Rent receipts in case of rental income and rental agreement
Bank statement for the Financial year for interest on savings account
Form 16A or Interest Statement issued by Banks for Fixed Deposit Interest Income.
Chapter VIA Investment details for claiming deduction as follows:
Receipt of children’s school tuition fees
Life insurance premium receipt
Stamp-duty and registration charges
Principal repayment on your home loan
Equity Linked Savings Scheme/Mutual funds investment
Mediclaim payment receipt etc.
Donation receipt in case of donation made to trust or organization referred under 80G

II. Documents & Information required for ITR 2:

ITR 2 is applicable for individual earning following Income:

a. Salary

b. Pension income

c. Income from more than one house property and

d. Interest income from fixed deposit.

e. Income from capital gain

f. Income from lottery or betting or race horses

g. Dividend Income of more than Rs. 10 lakhs

h. Person having loss from house property

In case of person filing ITR 2 the below documents are required:

Aadhaar card copy
Form 16 issued by employer
Month wise salary slip where form 16 is not been issued by the employer
Rent receipts in case of rental income and rental agreement
Bank statement for the financial year for interest on savings account
Form 16A or Interest Statement issued by Banks for Fixed Deposit Interest Income.
In case of capital gains capital gain statement issued by the Share broker.
Chapter VIA Investment details for claiming deduction as follows:
Receipt of children’s school tuition fees
Life insurance premium receipt
Stamp-duty and registration charges
Principal repayment on your home loan
Equity Linked Savings Scheme/Mutual funds investment
Mediclaim payment receipt etc.

III. Documents & Information required for ITR 3:

ITR – 3 can be used by an individual or a Hindu Undivided Family who is having income from profits and gains of business or profession or individual or HUF covered under section 44AB of the Income tax act i.e. tax audit. In case of person filing ITR 3 the below documents are required:

Aadhaar card copy
Form 16 issued by employer
Month wise salary slip where form 16 is not been issued by the employer
Rent receipts in case of rental income and rental agreement
Bank statement for the financial year for interest on savings account
Form 16A or Interest Statement issued by Banks for Fixed Deposit Interest Income.
In case of capital gains, tax profit and loss or capital gain statement issued by the Share broker.
Chapter VIA Investment details for claiming deduction as follows:
Receipt of children’s school tuition fees
Life insurance premium receipt
Stamp-duty and registration charges
Principal repayment on your home loan
Equity Linked Savings Scheme/Mutual funds investment
Mediclaim payment receipt etc.
Profit and loss statement and Balancesheet for the previous year
Details of Chartered Accountant conducting Tax audit in case the person is covered under section 44AB
Copies of books of accounts required to be maintained as per section 44AB i.e. Cash book, Journal book, Sales and Purchase register in case of business and Receipt book in case of profession.

IV. Documents & Information required for ITR 4:

ITR – 4 can be used by an individual or a Hindu Undivided Family or Firm (excluding limited liability partnership firm) who is having income from profits and gains of business or profession or individual or HUF covered under section 44AD or 44AE in case of business or 44ADA in case of profession i.e. person opting for presumptive scheme of taxation. Person filing ITR 4 is not required to maintain books of account. In case of person filing ITR 4 the below documents are required:

Form 16 issued by employer.
Month wise salary slip where form 16 is not been issued by the employer
Rent receipts in case of rental income and rental agreement
Bank statement for the financial year for interest on savings account
Form 16A or Interest Statement issued by Banks for Fixed Deposit Interest Income.
Chapter VIA Investment details for claiming deduction as follows:
Receipt of children’s school tuition fees
Life insurance premium receipt
Stamp-duty and registration charges
Principal repayment on your home loan
Equity Linked Savings Scheme/Mutual funds investment
Mediclaim payment receipt etc.
Detail of total turnover in case of business or total receipts in case of profession.

V. Documents & Information required for ITR 5:

ITR 5 can be used by a person being a firm, LLP, AOP, BOI, artificial juridical person referred to in section 2(31)(vii), cooperative society and local authority. The following are the documents required to file ITR 5:

1. Details of all partners like Name of the partner, PAN of the partner, profit and loss sharing ratio of the partner and date of appointment of the partner

2. Profit and loss statement and Balancesheet for the previous year

3. Details of Chartered Accountant conducting Tax audit in case the firm is covered under section 44AB

4. Copies of books of accounts required to be maintained as per section 44AB i.e. Cash book, Journal book, Sales and Purchase register in case of business and Receipt book in case of profession.

VI. Documents & Information required for ITR 6:

ITR – 6 can be used by a company, other than a company claiming exemption under section 11 (charitable/religious trust can claim exemption under section 11). The following are the documents required to file ITR 6:

1. Details of all Directors of the company like Name of the partner, PAN of the partner, profit and loss sharing ratio of the partner and date of appointment of the partner

2. Profit and loss statement and Balancesheet for the previous year

3. Details of Chartered Accountant conducting Tax audit in case the company is covered under section 44AB.

4. Copies of books of accounts required to be maintained as per section 44AB i.e. Cash book, Journal book, Sales and Purchase register in case of business and Receipt book in case of profession.

VII. Documents & Information required for ITR 7:

ITR – 7 can be used by Public or Private trust covered u/s 139(4A), Political Parties covered u/s 139(4B), Educational institution covered u/s 139(4C) and Business trust and Investment fund covered u/s 139(4D). The following are the documents required to file ITR 7:

1. Details of all Trustees like Name of the trustees and PAN of the trustees

2. Receipt and Payment statement and Balancesheet for the previous year

3. Details of Chartered Accountant conducting Tax audit in case the company is covered under audit.

4. Copies of books of accounts required to be maintained i.e. Cash book, Journal book, Receipt and Payment.

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For Salaried filing of Income Tax Return Click here

For Business Filing of Income Tax Return Click here