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 statement. That means the assesses can file their income tax return (ITR) for financial year 2017-18 by August 31 without any penalty charges. The taxman imposes a fine up to Rs. 10,000 for delayed filing of income tax returns. Filing the income tax return after the new deadline of August 31 will attract a penalty of up to Rs. 10,000 as per existing rules.
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.
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.
PwC India Partner and Leader, Personal Tax, Kuldip Kumar said, "Although due date (has been) extended, those who have taxes to pay should pay before July 31 to save additional one month interest under section 234B.
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 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.
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.
PwC India Partner and Leader, Personal Tax, Kuldip Kumar said, "Although due date (has been) extended, those who have taxes to pay should pay before July 31 to save additional one month interest under section 234B.
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.
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