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Income Tax Returns Filing Last Date Extended Till August 31 2018

Income Tax

Income Tax

Income Tax Returns Filing Last Date Extended Till August 31 2018
Income Tax Returns Filing Last Date, ITR Filing Last Date, Income Tax Last Date, ITR Last Date

As per schedule Income tax filing last date was july 31st 2018 and now government has extended the last date to file Income Tax returns (ITRs) from July 31 to August 31 for the assessment year (AY) 2018-19.

“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,” the finance ministry said in a statement.

Individuals and entities, whose accounts are not required to be audited, were mandated to file the tax returns by July 31. The new ITR forms were notified earlier in April. Finance minister Piyush Goyal, in a tweet, appealed to citizens to pay taxes within the extended due date.

“The last date for submission of income tax has been extended from July 31 to August 31, 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 the nation building,” he said.

If an individual fails to file ITR on time, a penalty of Rs 5,000 will be levied if the return is furnished before December 31. And, the late fee will be Rs 10,000 if the return is filed after December 31. With inputs from TOI