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

Highlights of Budget 2019

HIGHLIGHTS OF BUDGET 2019 *Tax* 1. Within 2 years, Tax assessment will be done electronically 2. IT returns processing in just 24 hours 3. Minimum 14% revenue of GST to states by Central Govt. 4. Custom duty has abolished from 36 Capital Goods 5. Recommendations to GST council for reducing GST rates for home buyers 6. *Full Tax rebate upto 5 lakh annual income after all deductions.* 7. Standard deduction has increase from 40000 to 50000 8. Exempt on tax on second self-occupied house 9. Ceiling Limit of TDS u/s 194A has increased from 10000 to 40000 10. Ceiling Limit of TDS u/s 194I has increased from 180000 to 240000 11. Capital tax Benefit u/s 54 has increased from investment in one residential house to two residential houses. 12. Benefit u/s 80IB has increased to one more year i.e. 2020 13. Benefit has given to unsold inventory has increased to one year to two years. *Other Areas* 14. State share has increased to 42% 15. PCA restriction has abolished...
Post a Comment
Read more

List of documents asked by GST Department with refund application in case of export of Goods/services without payment of IGST

*List of documents asked by GST Department with refund application in case of export of Goods/services without payment of IGST*  1. Copy of GSTRFD-01A downloaded from GST portal 2. Copy of ARN downloaded from GST portal 3. Copy of electronic credit ledger download from GST portal 4.Explanation for considering GSTR-1 in place of GSTT-3B/Reconciliation statement in case of difference between two. 5. Copy of GSTRFD-01 having bank account details. 6. Copy of GSTR-3B for the relevant period. 7. Copy of GSTR-1 for the relevant period. 8. Copy of Registration certificate. 9. Jurisdiction Proof. 10. Self declaration as per rule 89. 11. Declaration of goods exported are not subject to any export duty. 12. Declaration of available ITC on goods and services not availed for making nil rated & fully exempt supplies 13. Undertaking regarding not being prosecuted for any offence under the existing Acts. 14. Undertaking of sanction amount of refund paid back to go...
1 comment
Read more