GSB Taxation

Global Solution Business

Here is a piece of wonderfully good news for all the taxpayers in India. All who have not filed their ITR till now can easily file their tax online by visiting The Central Board of Direct Taxes (CBDT), in the exercise of its power, has extended the deadline for filing the Income-tax return (ITR) by the individuals to August 31, 2019, from July 31, 2019. The extension was much needed as it has been reported that some of the taxpayers are facing difficulties in filing an Income tax return by July 31 due to various reasons.

On the Contrary, For certain categories of taxpayers, individuals including salaried taxpayers, HUFs (Hindu Undivided Family) who do not get their accounts audited were required to file their income tax returns for the fiscal year 2018-19 by July 31, 2019. Many chartered accountants, tax societies had appealed to the government to extend the date of ITR filing in order to provide sufficient time for individuals to file ITR properly.

If the ITR is not filed by the individuals within the prescribed date which is usually 31 July, then the individual would have to pay a late filing fine of Rs. 5,000, if filed by December 31. The late filing fees of Rs. 10,000 will be imposed on the individuals if the ITR is filed between January 1 to March 31. With the extension of Deadline, ITR filing, Individuals will have more time to file ITR without worrying about late filing fees. Deadline for filing Income Tax Return has taken a big smile on everyone’s face.

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