Skip to main content

Extentention Of income Tax Due Date


income tax return filing, income tax efiling, ITR filing, dos and don'ts for filing tax return, itr-1, Form 67, E-verification
Ministry of Finance has announced the extension of due date for filing ITR
There is a good news for assessees who haven’t filed their Income Tax Return. The Ministry of finance, in a letter issued today, has announced the extension of due date for filing the Income Tax return to 31 st August from 31 st July. A tweet by the ministry says, “Upon consideration of the matter, the Central Board of Direct Taxes (CBDT) extends the ‘Due Date’ for the filing of Income Tax Returns from 31st July 2018 to 31st August 2018 in respect of the said categories of tax.
The income tax law mandates the filing of return by July 31 for individuals and HUF for the assessment year 2018-19. For a certain category of taxpayers, the deadline to file the return is beyond July 31st. This extension has been done for the category of taxpayers who are required to file their return before July 31st
The taxpayers who are required to file their return after July 31st are mainly assessees who are required to get their books of account audited, corporate assessees and enterprises with transfer pricing norms.
Until last assessment year (AY) there was no penalty for filing belated income tax returns. However, this penalty is applicable from AY 2018-19. A new section 234F was inserted by the government in the Income Tax Act. As per this section, an individual would have to pay a fee of up to Rs 10,000 for filing income tax return after the due dates specified in section 139(1) of the Act. Taxpayers are liable to pay a fee of Rs 5,000, if their tax return for the financial year 2017-18 is filed after the return filing deadline (i.e., July 31, 2018) but before December 31, 2018. The fee payable is Rs 10,000 if the tax return is filed on or after December 31, 2018.  Moreover, if the income is below Rs 5 lakhs then the fee shall not exceed Rs 1000.

Comments

Post a Comment

Popular posts from this blog

GST Audit Due Date Extended

The Central Board of Indirect Taxes and Customs (CBIC) has extended the due date for filing of GST Audit reports in forms GSTR-9, GSTR-A and GSTR-9C FORM GSTR-9 and FORM GSTR-9A have been notified vide notification No. 39/2018-Central Tax, dated 04.09.2018 while FORM GSTR-9C has been notified vide notification no. 49/2018-Central Tax, dated 13.09.2018 as part of the CGST Rules. The competent authority has decided to extend the due date for filing FORM GSTR-9, FORM GSTR-9A and FORM GSTR-9C till 31st March, 2019. The requisite FORMs shall be made available on the GST common portal shortly. Relevant order is being issued, the CBIC said last day.
Post a Comment
Read more

Types of Assessment Under GST

ASSESSMENT To enhance the positive economic environment government consolidated all most all indirect taxes in to one tax called Goods & Services Tax (GST). It is the major step of Indian government in the global scenario. Today I am sharing an article on Assessment under GST. It means determination of tax liability under GST law. There are various types of assessment under GST mentioned below:- Types of Assessment under GST - Advertisement - Section 59-64 of the Central Goods and Services Tax (CGST) Act explain the concept of assessment. Self-assessment Provisional assessment Scrutiny assessment Assessment of non-filers of returns         Best Judgment assessment Assessment of unregistered persons Summary assessment It is to be noted that only self-assessment is done by the taxpayer himself. All the other assessments are by tax authorities. - Advertisement - Self-Assessment As per Section 59 of CGST Act...
1 comment
Read more

Recent Changes in GST Rates

Recent Rate Changes on Goods GOODS S.NO Items New Rate Old rate 1 Rakhi (other than that of precious or semi-precious material ) Nil 18% 2 Sanitary Napkins Nil 12% 3 Circulation and commemorative coins Nil 5% 4 Raw material for broom Nil 12% 5 Stone/Marble/Wood Deities Nil 5% 6 Sal leaves and its products Nil 18% 7 Khali dona Nil 18% 8 Coir pith Compost Nil 5% 9 Chenille fabrics and other fabrcis under 5801 5% 12% 10 Handloom dari 5% 12% 11 Phosphoric Acid (fertilizer grade only) 5% 12% 12 Handmade Carpets, Textile Floor, Coverings 5% 12% 13 Knitted cap/topi having retails sale value exceeding Rs. 1000 5% 12% 14 Kota Stones and Simliar Stones (other than polished) 5% 18% 15 Ethanol for sale to oil marketing companies for blending with fuel 5% 18% 16 Solid Bio fuel pellets 5% 18% 17 Marine Engine 5% 28% 18 Bamboo Flooring 12% 18% 19 Hand Operated Rubber Roller 12% 18% 20 Brass Kerosene Pressure Stove 12% 18% 21 Zip and Slide Fastener 12% 18% 22 Handicrafts (E...
1 comment
Read more