Income Tax Return filing date extended to August 31

Income Tax

Income Tax

The Finance Ministry has extended the date of filing of income tax return (ITR) for the Financial Year 2018-19 to August 31, 2019, from that of July 31, 2019.

The extension has been made after it was reported that some of the taxpayers were facing difficulties in filing their income tax returns, due to various reasons including the extension of the due date of issue of Form 16 for the Assessment Year 2019-20.

The previous deadline was for most of the individuals and Hindu Undivided Family (HUFs). According to this, the individuals and HUFs who are belonging to this category do not mandatorily require to get their accounts audited for tax purposes.

The Central Board of Direct Taxes (CBDT) this year had extended the deadline for employers to file their TDS returns,  i.e., Form 24Q, from May 31, 2019, to June 30, 2019.

CBDT has also extended the deadline of issuing Form 16 by the employer from June 15, 2019, to July 31, 2019.  Leaving only 21 days in hand for the employees waiting to get their Form 16s to file their tax return by the earlier deadline of July 31.

 In case the individual fails to file the ITR before the deadline, he has to pay a late filing fee of Rs 5,000, if filed by December 31. However, if the ITR is filed between January 1 and March 31, then the individual has to pay Rs 10,000 as the penalty fee for late filing.

Elets The Banking and Finance Post Magazine has carved out a niche for itself in the crowded market with exclusive & unique content. Get in-depth insights on trend-setting innovations & transformation in the BFSI sector. Best offers for Print + Digital issues! Subscribe here➔

Get a chance to meet the Who's who of the NBFCs and Insurance industry. Join Us for Upcoming Events and explore business opportunities. Like us on Facebook, connect with us on LinkedIn and follow us on Twitter, Instagram & Pinterest.