New Delhi, July 30: Government of India has extended last date for filing income-tax returns to August 5, which means that the applicants and accountants now have five more days to work on return filing. Also Read - Income Tax, Merger of More Banks: Here’s What to Expect From First ‘Paperless’ Budget 2021
The assessment year 2016-17 for which the tax returns for 2015-2016 were originally to be filed by July 31. But after a two day-long strike at public sector banks, the deadline has been extended to August 5. Due to the ongoing unrest in Jammu and Kashmir, the deadline in the Valley has been extended to August 31. Also Read - Pay Penalty if Not Already Filed I-T Returns, No More Extensions Now
Chief Revenue Secretary Hasmukh Adhia today on Friday tweeted, “In view of today’s bank strike and disturbance in J&K, the due date of IT return filing is being extended”. (Also Read: Last date for filing Income Tax returns extended: Revenue Secretary) Also Read - Will Tax Exemption Limit Be Raised? All Eyes on Union Budget 2021
Adhia further added, “for assessees across India liable to file I-T returns by July 31, the deadline is extended up to August 5, he said”. He also said that for assessees in J&K, the due date of IT return filing is being extended till August 31. Any individual who earns above Rs 2,50,000 for him/her it is mandatory to file tax returns.
This year the Revenue Authorities of India have introduced new reporting requirements for FY 2015-16 for assets and liabilities for individuals with income of above Rs 50,00,000. The assessees also had to disclose the cost value of all assets above specified amount in tax form, as well as disclose the debts associated with these assets-land, building, jewellery, cash-in-hand, bullions, vehicles, yachts, boats or any aircraft owned by them. The GOI also suggests that the assessees must retain the purchase receipt of any of these assets. The assessees can also file their return through online medium.