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"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.
Upon consideration of the matter, the Central Board of Direct Taxes (CBDT) extends the ‘Due Date’ for filing of Inc… https://t.co/CJcrf2anyp
— Ministry of Finance (@FinMinIndia) 1532607726000Individuals 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.
What penalty will you have to pay for late filing of ITR
ITR Late Filing Penalty: The last date for filing income tax return (ITR) is July 31. As in the case of almost all deadlines, there exists a penalty that needs to be paid if a taxpayer fails to file his/her income tax return on or before the last date.
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.
The last date for submission of income tax has been extended from 31st July to 31st August 2018, I request every ta… https://t.co/jD7NDHHES7
— Piyush Goyal (@PiyushGoyal) 1532612994000If 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 PTI)
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