Grace period to file return of income
November 4, 2020 11:16 pm
Considering the current pandemic situation in the country, there will be no penalties over failure to file a return of income before November 30, states Department of Inland Revenue.
According to the provisions of the Inland Revenue Act, No. 24 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.
Therefore, last date to furnish the Return of Income for the year of assessment 2019/2020 is November 30, 2020.
However, it has been noted that the prevailing COVID-19 pandemic situation of the country may cause difficulties to taxpayers and approved accountants for furnishing returns of income as per the 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 February 28, 2021, the Commissioner-General of Inland Revenue said issuing a notice.
