The Government has decided to extend the last date to furnish the Return of Income for the year of assessment 2019/2020 till 28 February 2021 after considering the difficulties arising out of the COVID-29 pandemic.
Previously, the last date to furnish the return of income for the year of assessment 2019/2020 was 30 November.
According to the provisions of the Inland Revenue Act No. 21 of 2017 (IRA) every person who is liable for income tax shall file a return of income not later than eight months after the end of each year of assessment.
“However the prevailing COVID-19 pandemic situation of the country may cause difficulties to taxpayers and approved accountants for furnishing returns of income as per aforesaid statutory requirement.
Taking into consideration such reasonable difficulties, taxpayers and approved accountants are informed that penalties for failure to file a return on time as provided in IRA will not be imposed, where the return of income for the year of assessment 2019/2020 is furnished on or before 28 February 2021,” the Inland Revenue Department Commissioner General said in a notice.
(FT)