In relief to taxpayers who have not yet filed their income tax returns, or ITR, the tax department has extended the last date for filing tax returns. The due date for filing ITR for financial year 2017-18 or assessment year 2018-19 has been extended to 31 August, from 31 July. “The due date for filing of income tax returns for Assessment Year 2018-19 is 31.07.2018 for certain categories of taxpayers. Upon consideration of the matter, the Central Board of Direct Taxes(CBDT) extends the ‘due date’ for filing of Income Tax Returns from 31st July, 2018 to 31st August, 2018 in respect of the said categories of taxpayers,” a finance ministry statement said.
Acting Finance Minister Piyush Goyal in a tweet appealed to citizens to pay taxes within the extended deadline. “The last date for submission of income tax has been extended from 31 July to 31 August 2018, I request every taxpayer to submit their income tax by the due date, fulfil their duty as a law-abiding citizen and contribute in nation building,” he said.
Here are 5 things to know:
1) If you fail to file your tax return before the due date, you can still file a return for the assessment year 2018-19 till March 31. But you have to pay a late fee at the time of filing returns.
2) According to a new provision applicable from this year, a penalty of Rs 5,000 will be levied if the return is filed after the due date but before 31 December.
3) However, if the taxpayer’s income is less than ₹ 5 lakh, the maximum penalty levied is capped at ₹ 1,000.
4) If the ITR is filed between 1 January and 31 March, the penalty will be ₹ 10,000.
5) You can file a revised return only if the original return was filed within the due date. Also, it will not be allowed to carry forward certain losses to subsequent years if you don’t file returns by the due date.[“Source-livemint”]