The Central Board of Direct Taxes (CBDT) has extended the due date for filing of Income Tax Returns from July 31, 2018, to August 31, 2018, for certain categories of taxpayers.
The Central Board of Direct Taxes (CBDT) has extended the due date for filing of Income Tax Returns to August 31, 2018, for categories of taxpayers who were to file their returns by July 31.
The decision comes days ahead of the July 31 deadline, which several groups had requested the government to push to later.
CBDT had notified the new income tax return forms for assessment year 2018-19 on April 5. Experts said the introduction of new forms was leading to delays in filing of returns.
The government on Thursday extended the deadline for filing income tax return for assessment year 2018-19. The deadline of July 31, 2018 has been extended by a month, the Ministry of Finance said in a series of posts on microblogging site Twitter. That means the assessees can file their income tax return (ITR) for financial year 2017-18 by August 31 without any penalty charges.
“The Due Date for filing of Income Tax Returns for Assessment Year 2018-19 is 31.07.2018 for certain categories of taxpayers… Upon consideration of the matter, the Central Board of Direct Taxes (CBDT) extends the ‘Due Date’ for filing of Income Tax Returns from 31st July, 2018 to 31st August, 2018 in respect of the said categories of taxpayers,” the ministry said.
The Central Board of Direct Taxes is the apex policy-making body of the Income Tax Department.
Around 6.84 crore income tax returns were filed during financial year 2017-18, compared to 5.43 crore filed in the previous year, as per government records.
Further, the CBDT had said non-filing of ITR before the due date from this assessment year would lead to a penalty of Rs 1,000, 5,000 and Rs 10,000, depending on when the returns were filed after the deadline. The fine for taxpayers having income under Rs 5 lakh remained at Rs 1,000.
Filing tax returns is mandated by law and is an important proof of your tax compliance. Although ITR return forms are fewer, you would need your documents such as PAN, Aadhar card, proof of investment, TDS certificates etc while e-filing the ITR. Keep your ‘other income’ documents like those of capital gains, rental income, dividend income etc handy too. Documents for foreign income or assets should be organised too.
The income tax department had recently issued alerts warning salaried taxpayers not to follow any unlawful practice of evading taxes either by way of under-reporting income or claiming excess deductions like House Rent Allowance (HRA), Leave Travel Allowance (LTA) etc. Similarly, the department also wants taxpayers to file their tax returns in time and avoid delay. In order to ensure the same, new penalty provisions have been introduced. With the entire process of filing tax turning simpler, expectations are that the income of the government is set to soar.
Source : Press Reports
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