Income tax return filing deadline extended till Feb. 28, 2021

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, 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,”  the Inland Revenue Department Commissioner General said in a notice.  “Accordingly, 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,” it added.      

The post Income tax return filing deadline extended till Feb. 28, 2021 appeared first on Adaderana Biz English | Sri Lanka Business News.



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