ITR filing deadline extended yet again
Read full story
- The deadline for filing
income tax returns( ITR) in Indiahas been extended from July 31 to August 31.
- This is the first time that there are penalties in play for filing a late ITR.
- The extension of ITR deadlines is a repeated trend in India.
Upon consideration of the matter, the Central Board of Direct Taxes (CBDT) extends the ‘Due Date’ for filing of Inc… https://t.co/CJcrf2anyp— Ministry of Finance (@FinMinIndia) 1532607726000
In the past, when such incidents took place, the government at least offered an explanation as to why. Just last year it was due to the fact that the PAN and Aadhaar cards hadn’t been linked yet. The year before that it was a strike followed by a holiday.
In fact, in 2015, the deadline was extended twice.The first time it was due to the fact that forms had changed and the second time was due to the slowdown of e-services.
There was some confusion over what the
Until last year, there wasn’t any penalty issued for filing an ITR late but for 2018-19, there’s a new addition to the Income Tax Act. Section 234F states that in due dates are violated than an individual would have to pay a fine of up to Rs 10,000.
That being said, if an individual’s income is less than Rs 500,000, if a late fine is incurred it won’t be anymore than Rs 1,000.