The deadline for filing of Income Tax Returns is now been extended by the Finance Ministry from July 31 to August 31. The deadline July 31 has been extended for a month which set for most individuals as well as HUFs. The finance ministry in a statement said, “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,”
HIGHLIGHTS
- The finance ministry has extended the deadline for filing income tax return
- New deadline for ITR submission for FY 2018-19 extended to August 31
- This year CBDT had extended the deadline for employers to file their TDS returns
- If the ITR is filed between January 1 and March 31, then late filing fees of Rs 10,000 will be levied
This postponement of the deadline date comes after the government was appealed by a lot of entities to extend the ITR filing date in order to give adequate time to tax payers to file their returns.
Not only had this, but CBDT on the other hand also extended the deadline for employers to file their TDS returns to June 30. Earlier it was set to May 31. Subsequently, the issuance of Form 16 was also pushed back from to July 31 which was initially set to June 15.
If the tax payers still do not file their returns before the closing date, then they are going to be charged with Rs 5,000 penalty – the given condition for this if they file it by December 31. The late fee even after December 31 will charge double, if the tax payer files the returns in the middle of January 1 and March 31.
In addition, all individual taxpayers are currently asked to file income tax returns electronically. The single exclusion to this rule are only super senior citizens, who can file returns in paper form.
The Form 16 has been also beefed up. In the meantime, employers have to make available a detailed break-up of all components, comprising remuneration which was received from previous employer/s and all tax-related deductions availed of by the employee.
In addition, in order to make the tax filing procedure less burdensome, the Income Tax Department is now going to offer pre-filled ITR-1 forms. These forms are going to have your salary, FD interest income and TDS particulars.
Till now, at the present these specifics or information had to be manually filled by the taxpayer. On the other hand, one must also take note that this facility for ITR filing is accessible for the ITR-1 form filed online on the e-filing website of the department at incometaxindiaefiling.gov.in. The software is going to use the PAN information of the taxpayer from Form 26AS, the TDS return filed by the employer as well as the preceding year’s ITR.
