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Govt extends due date for filing ITR

Updated: Jul 24, 2019 06:34:54am
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Govt extends due date for filing ITR

New Delhi, July 24 (KNN) The Government has extended the due date for filing of Income Tax Returns (ITR) by the individuals for the financial year 2018-19 till August 31.

The extension was much needed relief as there were multiple problems being faced by individuals in filing returns by July 31.

Earlier, July 31 was the deadline to file income tax returns for most individuals and HUFs.

This is that category of individuals and HUFs who are not mandatorily required to get their accounts audited for tax purposes.

This extension comes after the government was appealed by many entities to extend the ITR filing date so as to allow sufficient time to tax payers to file their returns.

Also, Central Board of Direct Taxes (CBDT) has extended the deadline for employers to file their Tax Deducted at Source (TDS) returns from May 31 to June 30. The issuance of Form 16 was also pushed back from June 15 to July 31.

If tax payers do not file their returns before the deadline, then they will be levied with Rs 5,000 penalty - provided they file it by December 31. The late fee is double if the tax payer files the returns between January 1 and March 31.

All individual taxpayers are now required to file income tax returns electronically. The only exception to this rule is super senior citizens, who can file returns in paper form. The Form 16 has also been beefed up. Employers now have to provide a detailed break-up of all components, including remuneration received from former employer/s and all tax-related deductions availed of by the employee.

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