Increased deadline for ITR Filing

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Increased deadline for ITR Filing

The department has given great relief to the taxpayers who have not filed their income tax returns. The government has increased the last date of filing of ITR from 31st July to 31st August. That is, the taxpayers now have a full month to file an ITR. According to official information, however, the last date for filing tax returns for 2018-19 for some taxpayers is July 31, 2018. Significantly, this is not the first time that the government has carried forward the deadline to fill the ITR.

Know Five Big Things-

  • If you do not file your return file for any reason till 31st August, then you can tell that returns can be filed till March 31 for the assessment year 2018-19. But for this, you have to give bail as a lie fee.
  • According to the provision applicable since this year, if the returns are filed before August 31, 2018, and before December 31, 2018, then the penalty of Rs 5,000 will be given.
  • However, if taxable income is less than five lakh rupees then the maximum fine will be Rs. 1000.
  • If income tax is filed between January 1, 2019, and March 31, 2019, then the penalty will be imposed of Rs 10,000.
  • You can tell that the revised income can only be filed in that case if the original return was filed to date.

Filing ITR online is not enough, but e-verification is equally important. You can do this by sending a signed copy of your single enrollment in the Aadhaar Authentication or income tax department.

Those who do not have Aadhaar card, but they want to file online ITRs are good news for them. The Delhi High Court has directed the Central Board of Direct Taxes (CBDT) to provide special facilities to the people who have neither the Aadhaar card nor the Aadhaar Enrollment Number on e-filing website.

Judge S. Ravindra Bhatt and AK Chawla’s Bench have told the CBDT that as the deadline of Aadhaar – PAN linking has been increased to March 31, 2019, there should be an opt-out option available for those filing returns on the website. The court has instructed the CBDT to make significant changes on its platform so that taxpayers have the facility of filing ITR for the financial year 2017-18. This is the fifth time when the Center has given an extension to the deadline to link the Aadhaar with Pan.