New Delhi: The Central Board of Direct Taxes (CBDT) has extended the due date for filing of Income Tax Returns to Aug. 31, 2018, for categories of tax-payers who were to file their returns by July 31.
The decision comes days ahead of July 31 deadline, which several groups had requested the government to push to later date. The Central Board of Direct Taxes (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 new forms were notified in April and tax-payers (whose accounts are not liable for audit) were allowed to e-file their ITRs till July 31. Upon consideration of the matter, the Central Board of Direct Taxes (CBDT) has extended the ‘due date’ for filing of ITRs from July 31, 2018 to August 31, 2018 in respect of the said categories of tax-payers, a Finance Ministry statement said.
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, Rs. 5,000 and Rs. 10,000, depending on when the returns were filed after the deadline. The fine for tax-payers having income under Rs. 5 lakh remained at Rs. 1,000.
This post was published on July 27, 2018 6:34 pm