CBDT extends the Due Date for filing Income Tax Returns to 31st Aug '19'

by Sophie Grace What New When You Have Forgot to File Tax Return?

The income tax authority has extended the due date for income tax return filing to 31st August from 31st July '19'. The CBDT took this decision on Tuesday to provide a relief for taxpayers who were facing difficulties while filing the income tax return. With the extension of the deadline, there is a sufficient time for the people to file their returns on time without worrying about any late charges or penalty. Although, according to the income tax department, the extension applies to all assessees other than corporate taxpayers and a few non-corporate entities.

Taking to Twitter, the Income Tax Department said the due date for filing of ITR for the assessment year 2019-20 was July 31 for certain categories of taxpayers but upon consideration of the matter, the CBDT extended the deadline.

Before this notice, the CBDT had extended the deadline for employers to file their TDS returns, i.e., Form 24Q, from May 31, 2019 to June 30, 2019 and consequently deadline of issuing Form 16 by the employer was also extended from June 15, 2019 to July 10, 2019. Subsequently, employees waiting to get their Form 16 to file their ITRs were left with only 21 days to file their tax return by the earlier deadline of July 31.

Moreover, in case the tax assessee do not file their returns before the due date i.e. 31st August '19', they will be liable to pay penalty and other procrastination charges by the Authorised department. Therefore, it is necessary to file your returns despite of facing any legal statements or notices.

Whereas, if individuals do not file income tax returns on or before the due date, they would be obligatory to pay interest at the rate of 1% for every month, or part of a month, on the amount of tax remaining unpaid as per section 234A.

A taxpayer is liable to pay late ITR filing fees of:

a) Rs 5,000 if the tax return is filed after the deadline but on or before December 31 of the assessment year. For small taxpayers whose total income does not exceed Rs. 5 lakh, the maximum late fee amount will not exceed Rs 1,000 irrespective of when it is filed that is before March 31, 2019.

b) If your total income exceeds Rs 10,000 if the tax return is filed after December 31 but before the end the relevant assessment year, i.e., before March 31.