New Delhi: The due date for filing income tax returns has been extended by a month. This means that certain categories of income taxpayers would be able to file their returns by August 31, 2019. (Also read: Miss Filing ITR by Deadline, Pay Fine)Also Read - Bank of Baroda Cuts Home and Car Loan Interest Rate | Check Details Here
In a press release, the Central Board of Direct Taxes (CBDT) said, “The due date for filing of Income Tax Returns for Assessment Year 2019-20 is 31.07.2019 for certain categories of taxpayers. Upon consideration of the matter, the Central Board of Direct Taxes (CBDT) extends the ‘due date’ for filing of Income Tax Returns from 31st July, 2019 to 31st August, 2019 in respect of the said categories of taxpayers.” Also Read - ITR Filing Latest Update: Income Tax Department Notifies New ITR Forms For FY 2021-22
The Income Tax department confirmed the same on its official Twitter handle: Also Read - New Income Tax Rules: 7 Major Changes To Kick In From Today. Details Here
July 31 was the deadline to file income tax returns for most individuals and HUFs. This is that category of individuals and HUFs who are not mandatorily required to get their accounts audited for tax purposes.
A report pointed out that this year, the CBDT had extended the deadline for employers to file their TDS returns, i.e., Form 24Q, from May 31 to June 30 and consequently deadline of issuing Form 16 by the employer was also extended from June 15 to July 31. Consequently, employees waiting to get their Form 16s to file their ITRs were left with only 21 days to file their tax return if they had to do so by July 31.
If the ITR is not filed by an individual by the due date, the individual would have to pay a late filing fee of Rs 5,000, if filed by December 31. If the ITR is filed between January 1 and March 31, then late filing fees of Rs 10,000 will be levied.
With the extension of the deadline, now individuals will have more time to file their ITRs without worrying about late filing fees.