Income tax returns (ITR) filing last date: Big relief, deadline extended for certain taxpayers by a month today

Income tax returns (ITR) filing last date: In a surprise move, the PM Narendra Modi led government has extended due date for filing income tax returns for assessment year 2018-19 for certain taxpayers by one month till August 31, 2018. Earlier, Zee Business had reported that the deadline for filing of Income tax returns is likely to get extended by as much as 2 weeks. According to sources in CBDT, income tax returns filing last date, which is 31st July at present would be extended by 10-15 days. The extension of tax filing date has now been officially confirmed although now the extension is for an entire month, instead of 10-15 days.

Zee Business, quoting sources, said that some technical glitches had come to notice and that may well be the reason for the extension of the last date. The number of income tax returns filers has increased, according to officials.

The Finance Ministry, in a statement today evening said that the new income tax return forms were notified early in April and taxpayers (whose accounts are not liable for audit) were allowed to e-file their ITRs till July 31. It added, "Upon consideration of the matter, the Central Board of Direct Taxes (CBDT) extends the 'due date' for filing of Income Tax Returns from July 31, 2018 to August 31, 2018 in respect of the said categories of taxpayers."

Filing tax returns is mandated by law and is an important proof of your tax compliance. Although ITR return forms are fewer, you would need your documents such as PAN, Aadhar card, proof of investment, TDS certificates etc while e-filing the ITR. Keep your 'other income' documents like those of capital gains, rental income, dividend income etc handy too. Documents for foreign income or assets should be organised too.

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The income tax department had recently issued alerts warning salaried taxpayers not to follow any unlawful practice of evading taxes either by way of under-reporting income or claiming excess deductions like House Rent Allowance (HRA), Leave Travel Allowance (LTA) etc. Similarly, the department also wants taxpayers to file their tax returns in time and avoid delay. In order to ensure the same, new penalty provisions have been introduced. With the entire process of filing tax turning simpler, expectations are that the income of the government is set to soar.