ITR Date Extension – The government has extended the last date of filing Income Tax Returns (ITR) for the FY20 assessment year by individuals and certain non-corporate assessees by one month to 31 August. The finance ministry has extended the deadline for filing an income tax returns (ITR) for FY2018-19 (Assesment Year – 2019-20) by individuals to August 31, 2019 from July 31, 2019. The extension is a much-needed relief as there were multiple problems being faced by individuals in filing returns by July 31.
The extension of the due date was applicable to all taxpayers liable to file their tax returns by 31 July, the original due date. This applies to assessees other than corporate taxpayers and a few others, including non-corporate entities, the books of which need not be audited, said the Central Board of Direct Taxes (CBDT). Individuals, including Salaried taxpayers, and entities – who do not need to get their accounts audited were required to file their income tax returns for fiscal 2018-19 (Assessment Year 2019-20) by July 31, 2019.
July 31 was the deadline to file income tax returns for most individuals and HUFs. This is that category of individuals and HUFs who are not mandatorily required to get their accounts audited for tax purposes. Some taxpayers were reportedly facing difficulties in filing their tax returns because of various reasons, including the extension of date for issuing Form 16, the tax deducted at source (TDS) certificate given by employers, said the CBDT order.
This year CBDT had extended the deadline for employers to file their TDS returns, i.e., Form 24Q, from May 31, 2019 to June 30, 2019 and consequently deadline of issuing Form 16 by the employer was also extended from June 15, 2019 to July 31, 2019.
The Income Tax department had last month extended the deadline for employees to issue Form 16 TDS Certificate for the financial year 2018-2019 to its employees by 25 days till July 10. This left the salaried taxpayers with a limited time-frame of just 20 days to file their income tax returns.
The Union budget for FY20 also proposed that return filing will be compulsory for even those who fall below the basic exemption limit of ₹2.5 lakh annual income if they get into specified high-value transactions such as spending on foreign travel.
With ITR Date Extension, individuals will have more time to file their ITRs without …Continue Reading