The last date for filing income tax returns by individuals for the financial year 2018-19 extended by a month till August, 31the government on Tuesday.
Individuals, including salaried taxpayers, and entities -were required to file their income tax returns for fiscal 2018-19 (Assessment Year 2019-20) by July 31, 2019- who do not need to get their accounts audited.
The finance ministry stated in a statement.”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,”
After issuance of tax deducted at source (TDS) report for 2018-19 fiscal was delayed there, have been a requirement for an extension in filing ITR date.
To publish Form 16 TDS certificate for the financial year 2018-19 to its employees by 25 days till July 10, Income Tax department had last month prolonged the deadline for employers.
This left the salaried taxpayers with a limited time-frame of just 20 days to file their income tax returns.
Rs 5 lakh is the threshold exemption limit. Even if a person misses the last date, he can file your I-T return any time during 2019-20 (till March 31, 2020). But there is a heavy fine to be paid for not filing by the due date.
Last week, the Central Board of Direct Taxes (CBDT) had stated “No alteration has been made in income-tax return (ITR) forms, only the utility software has been updated, quashing statements circulating on social media about “large-scale changes” in the forms troubling taxpayers.”
The updating process of utility software the policy-making body of the Income Tax Department issued a statement saying these forms’ does not hamper the filing of returns, the deadline for which is August 31.