- Assessees can now file income tax returns for AY2018-19 by August 31
- Not filing income tax return in due time attracts penalty up to Rs 10,000
- 6.84 crore income tax returns were filed in FY2017-18
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 assessees 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 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.
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.— Ministry of Finance (@FinMinIndia) July 26, 2018
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.
(With agency inputs)