The deadline for filing Income Tax Return (ITR) is just three days away. In order to avoid last minute hassles, it is advisable to complete the process much before the deadline so that you stay away from technical difficulties that are generally faced on the last date of e-filing return. The deadline for filing ITR is August 31.Also Read - ITR Filing Deadline: Over 3 Crore Income Tax Returns Filed as Last Date Approaches. Details Here
The Central Board of Direct Taxes (CBDT) has, however, extended the deadline for people living in Kerala to provide relief to taxpayers in the flood-hit state. For the people living in Kerala, the deadline for filing income tax returns has been extended till September 15. Also Read - How to File Income Tax Return Online; Explained | To Avoid Late Fee of Rs 5000, File ITR Now
The CBDT said in a statement on Tuesday, “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.” Also Read - Income Tax Return: ITR Filing Deadline For FY21 Likely to be Extended Beyond September 30 | Read Details
It is therefore advisable to collect important documents such as Form 16, bank account statements, 26AS statement, among others, so that you do not miss the deadline of August 31st for filing ITR. If you submit ITR after August 31 then you would be liable to pay a penalty of Rs 5,000. 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, the maximum penalty will be low at Rs 1,000.
Earlier, the Central Board of Direct Taxes (CBDT) extended the due date’ for the filing of Income Tax Returns from July 31, 2018 to August 31, 2018.
Minister Piyush Goyal, in a tweet, earlier appealed to citizens to pay taxes within the extended due date.
“The last date for submission of income tax has been extended from July 31 to August 31, 2018, I request every taxpayer to submit their income tax by the due date, fulfill their duty as a law-abiding citizen and contribute in the nation building.”