With the end of the last month of the year 2020, you have only few days left to file annual income tax return (ITR) of Companies‘ for the tax year 2020. For filing an ITR for financial year 2019-20 — or assessment year 2020-21 — the last date to do so without bearing a penalty is December 31.
Section 118 of the Income Tax Ordinance 2001 deals with the due date for filing annual income tax returns. A return of income under section 114 of a company shall be submitted (a) in the case of a company with a tax year ending any time between the first day of January and the thirtieth day of June, on or before the thirty-first day of December next following the end of the tax year to which the return relates; or (b) in any other case, on or before the thirtieth day of September next following the end of the tax year to which the return relates.
Delays may cause in filing tax returns of companies which is due at the 31st December 2020. Preparation of financial statements / accounts and to get them audit from audit firms and other related activities before submission of tax returns require a reasonable time. Reasons associated with the corona-virus pandemic may require to extend the last date for submission of tax return.
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