INSUBCONTINENT EXCLUSIVE:
Income tax return last date: The due date for assessees to file their ITRs has been extended by a month
In a major relief to the taxpayers, the Income Tax Department has extended the deadline for filing income tax return (ITR) by individuals
for financial year 2018-19 by a month till August 31
The revised due date is applicable to all taxpayers who were liable to file their tax returns by July 31, the original due date
The extension comes after the government was appealed by many entities to extend the income tax return (ITR) filing date so as to allow
sufficient time to assessees to file their returns
Here are 10 things to know about the last date for filing the Income Tax Return (ITR):"The Central Board of Direct Taxes
(CBDT) extends the 'due date' for filing of Income Tax Returns from July 31, 2019 to August 31, 2019 in respect of the said categories of
taxpayers," the Ministry of Finance said in a statement
deducted at source) statement for fiscal year 2018-19 was delayed, said the CBDT order.Many chartered accountants and tax professionals had
also appealed to the government to extend the return filing deadline.The Income Tax Department had last month extended the deadline for
employers to issue the Form 16 TDS (Tax Deducted at Source) certificate for financial year 2018-19 to their employees by 25 days till July
within the due date attracts a penalty of Rs 5,000 for filing a belated return by December 31, as per current tax laws.A late fee of Rs
10,000 is applicable if the assessee files a return between January 1 and March 31.Individuals who earn a specified amount of annual income
as well as non-residents, resident senior citizens (60 years and above but below 80 years of age) and resident super senior citizens (above
For senior citizens (individuals between 60 years and 80 years of age), the limit is Rs
3 lakh, and for very senior citizens (aged above 80 years), the limit is Rs
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