New deadline to file tax returns
The law of levying late filing fees under was introduced in the Union Budget 2017 and became effective for FY18.
New Delhi: In a major relief for the salaried class, Centre on Thursday extended the last date for filing of personal Income-Tax return for individuals by one month to August 31.
For the first time this year the government had introduced a fine of Rs 5,000 for those with annual income above Rs 5 lakh, who filed their returns after the deadline of 31st July (but before December 31).
For those with annual income less than Rs 5 lakh this fine was Rs 1,000. Now, with this extension people get additional time to file their return and escape the penalty.
This law of levying late filing fees under section 234F was introduced in the Union Budget 2017 and became effective for FY18 or assessment year 2018-19 onward.
“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 July 31, 2018 to August 31, 2018 in respect of the said categories of taxpayers," said a CBDT statement.
The new 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.