Has income tax returns (ITR) filing last date been extended? 5 key things to know
Income tax returns (ITR) filling: Only 2 days are left to file the income tax returns (ITR). So, those who did not yet file their ITR yet have to hurry up in order to avoid the late filing fee. However, the Central Board of Direct Taxes (CBDT) has extended the last date of filing income tax returns (ITR) till 15 September from 31st August, but that is not pan-India. It applies to the taxpayers in flood-ravaged Kerala only. The taxpayers from the other states have to file their Income Tax on or before August 31.
"In view of the disruption caused due to severe floods in Kerala, the Central Board of Direct Taxes (CBDT) hereby further extends the 'due date' for furnishing income tax returns from August 31, 2018 to September 15, 2018 for all income tax assessees in the state of Kerala, who were liable to file their income tax returns by August 31, 2018," Central Board of Direct Taxes said in a statement. Here are 5 key things that you should know about the ITR filing:
1. CBDT has earlier extended the deadline from July 31, 2018 to August 31, 2018 for the ITR filing.
2. For those who have already filed their ITR return, if you discover any mistake in your filed ITR, a revised return under Section 139(5) of the Income Tax Act, 1961 can be filed.
3. According to CBDT norms, a taxpayer can revise his/her ITR filing multiple times, provided it fulfils the stipulated criterion.
4. According to budget provisions, taxpayers have to pay a penalty upto Rs 10,000 if the ITR fliling is done after the deadline. The new provision says that a penalty of Rs 5,000 will be levied if the tax return is filed after the due date but before December 31, and this penalty will increase to Rs 10,000 after December 31. If the taxpayer’s income is less than Rs 5 lakh, maximum penalty levied is capped at Rs 1,000.
5. There was no penalty for the late filing of the income tax returns, until last asseseement year. The penalty is applicable from FY 2017-18 or AY 2018-19. The government has inserted a new section 234F in the Income Tax Act. The section says that if a taxpayer files his/her ITR after the due dates specified in section 139(1) of the Act, then he/ she would be eligible to pay a late fee of up to Rs 10,000.