ITR filing last date: Taxpayers get big Income Tax returns filing gift from Modi govt; but there is a catch
ITR filing last date: In a big move that will help taxpayers in income tax returns filing, the PM Narendra Modi led government has declared that the last date has been extended from the earlier July 31, 2018. There were a number of difficulties being faced by taxpayers and the government stepped in to provide this major relief that has brought smiles to everybody's faces.
ITR filing last date: Notably, income tax returns filing last date for assessment year 2018-19 has been extended by a month to August 31, 2018. Individuals and entities, whose accounts are not required to be audited, were mandated to file I-T returns by July 31. The ITR forms were notified earlier in April. Image source: Zee Business
ITR filing last date: However, there is a catch! The importance of the earlier date was highlighted by PwC India Partner and Leader, Personal Tax, Kuldip Kumar, who said, "Although due date (has been) extended, those who have taxes to pay should pay before July 31 to save additional one month interest under section 234B." Image source: Zee Business
ITR filing last date: Making the announcement, a Finance Ministry statement said, "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'. Image source: Zee Business
ITR filing last date: Finance Minister Piyush Goyal, took to Twitter and appealed to taxpayers to pay their income taxes within the extended due date. "I request every taxpayer to submit their income tax by the due date, fulfil their duty as a law-abiding citizen and contribute in the nation building." Image source: Zee Business
ITR filing last date: The tax department has addressed the concerns raised by the taxpayer and tax professional regarding the legal, technical and practical difficulties faced while filing the Income-Tax return for AY 2018-19, said Nangia Advisors LLP Partner Suraj Nangia. Image source: Zee Business
ITR filing last date: "The concerns raised by the stakeholders were many, viz. Considerable delay in release of ITR form utilities leading to shortage of time, continuous updation of schema of ITR utilities leading to further delay, delay in updation of Form 26AS which reflects the TDS credit that is available at the time of ITR filing, mandatory penalty for even one day of delay in filing ITR, implementation of GST law adding to the work load since GST reconciliation with books is required," said Nangia, while listing out the difficulties being faced by income tax payers while filing their returns. Image source: Zee Business