The government on Monday extended the due date for filing of income tax return (ITR) and audit report. The Central Board of Direct Taxes, the apex policymaking body of the Income Tax Department, said the due date for filing of income tax returns and audit reports for Assessment Year 2018-19 (financial year 2017-18) is October 31, 2018 for certain categories of taxpayers. Monday’s move marked the second extension granted by the Central Board of Direct Taxes to assessees whose books of accounts have to be audited. The move came after the taxman considered representations from stakeholders, it said in its statement.
The taxman had last month announced extension of the then due date of September 30 by a similar 15 days, to October 15, 2018.
However, assessees filing their return of income “within the extended due date shall be liable for levy of interest as per provisions of section 234A of the Income-tax Act, 1961”, the Central Board of Direct Taxes said in its statement on Monday. That means the liability to pay interest on account of late filing of income tax return will remain in place.Read more ↓
Filing of income tax returns by salaried taxpayers and those opting for Presumptive Income Scheme surged 71 per cent to 5.42 crore till August 31, according to data released by the Income Tax Department. These categories of taxpayers had to furnish their ITRs for financial year 2017-18 by August.