Due date extended to 31st August for Income Tax Return Filing

Due date extended to 31st August for Income Tax Return Filing

The finance ministry in a tweet has announced the extension of income tax return (ITR) filing deadline by a month to August 31.
 

 

 

 

The Finance ministry is in a tweet announced the extension the due date for income tax return filing from 31st July 2018 to 31st August 2018.

Several groups had requested the government to extend the ITR due date. As per the Tax professionals the introduction of new ITR forms take more time in filing of returns.

Further, Non-filing of ITR before the due date from this assessment year would lead to a penalty of Rs 1,000, 5,000 and Rs 10,000, depending on when the returns were filed after the deadline. The fine for taxpayers having income under Rs 5 lakh remained at Rs 1,000.