The income tax expert has extended the due date for income tax return filing to 31st August from 31st July ’19’. The CBDT took this choice on Tuesday to give a major relief to tax payers who were confronting challenges while filing the income tax return. With the extension of the due date, there is an adequate time for the people to file their returns on time without stressing over any late charges or penalty. Although, as per the income tax department, the expansion applies to all assessees other than corporate tax payers and a couple non-corporate entities.
Taking to Twitter, the Income Tax Department said the due date for filing of ITR for the assessment year 2019-20 was July 31 for specific categories of tax payers on consideration of the matter, the CBDT extended the due date.
Prior to this notice, the CBDT had stretched out the due date for employers to document their TDS returns, i.e., Form 24Q, from May 31, 2019 to June 30, 2019 and consequently due date of issuing Form 16 by the employer was also extended from June 15, 2019 to July 10, 2019. Hence, employees holding back to get their Form 16 to file their ITRs were left with just 21 days to file their tax return by the previous due date of July 31.
In addition, if you don’t file their returns before the due date for example 31st August ’19’, they will be obligated to pay penalty and other procrastination charges by the Authorized dept. Thus, it is important to file your returns regardless of confronting any legal proclamations or notices.
While, if people don’t file income tax returns at the very latest the due date, they would be obligatory at the rate of 1% for consistently, or part of a month, on the measure of tax remaining unpaid according to section 234A.
A taxpayer is liable to pay late ITR documenting fees of:
According to section 234F if return isn’t filed till the due date but is filed till 31 December then fees of Rs. 5,000 is to be paid and if that return isn’t documented even after 31 December, at that point charges of Rs. 10,000 is to be paid. However, where total pay of the person does not surpass Rs. 5,00,000 at that point charges under section 234F will not surpass Rs. 1,000.
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