Here are 10 things to know about the last date for filing the Income Tax Return (ITR):
"The Central Board of Direct Taxes (CBDT) extends the 'due date' for filing of Income Tax Returns from July 31, 2019 to August 31, 2019 in respect of the said categories of taxpayers," the Ministry of Finance said in a statement. (Also read: ITR last date extended by one month)
There have been demands for an extension in filing ITR date since the issuance of the TDS (tax deducted at source) statement for fiscal year 2018-19 was delayed, said the CBDT order. (Also read: Filing A Belated Income Tax Return Attracts Up To Rs. 10,000 Penalty. Here's How To Avoid It)
Many chartered accountants and tax professionals had also appealed to the government to extend the return filing deadline.
The Income Tax Department had last month extended the deadline for employers to issue the Form 16 TDS (Tax Deducted at Source) certificate for financial year 2018-19 to their employees by 25 days till July 10. This left the salaried taxpayers with a limited timeframe of 20 days to file their income tax returns.
Not filing the income tax return within the due date attracts a penalty of Rs 5,000 for filing a belated return by December 31, as per current tax laws.
A late fee of Rs 10,000 is applicable if the assessee files a return between January 1 and March 31.
Individuals who earn a specified amount of annual income are required to file an income tax return (ITR) within the pre-determined due date.
Income tax is levied on individual taxpayers on the basis of a slab system.
There are three categories of individual taxpayers: individuals (below the age of 60 years) which includes residents as well as non-residents, resident senior citizens (60 years and above but below 80 years of age) and resident super senior citizens (above 80 years of age).
Those having an annual income of Rs 2.5 lakh or more are mandatorily required to file income tax returns. For senior citizens (individuals between 60 years and 80 years of age), the limit is Rs. 3 lakh, and for very senior citizens (aged above 80 years), the limit is Rs. 5 lakh, according to the Income Tax Department.
(With inputs from agencies)