New Delhi: In a major relief to taxpayers in flood-hit Kerala, the Central Board of Direct taxes (CBDT) on Tuesday extended the deadline of filing income tax returns in the state till September 15. The earlier for filing ITR across the country was August 31.
“In view of the disruption caused due to severe floods in Kerala, the Central Board of Direct Taxes CBDT hereby further extends the due date for furnishing Income Tax Returns from 31st August, 2018 to 15th September, 2018,” the CBDT said in a statement.
According to data released this morning by the Disaster Management’s state control room, 474 people have died in the rains and floods since May 29 when the southwest monsoon set in over Kerala.
Earlier, the Central Board of Direct Taxes (CBDT) extended the due date for the filing of Income Tax Return from July 31, 2018 to August 31, 2018.
The one-month extension gave a great relief to taxpayers who were not ready with the tax-return. Tax experts also said that the extension gave them more time to understand the additional reporting requirements imposed in the recently revised tax audit report.
As per the new provisions, taxpayers will have to pay a penalty of Rs 5,000 if they file the ITR after the due date but before December 31. The penalty will be Rs 10,000 for those who file the ITR after December 31. If the taxpayer’s income is less than Rs 5 lakh, maximum penalty levied is capped at Rs 1,000.