Government Extends the Due Date of Filing Income Tax

In a tweet, the Finance Ministry of India has announced the extension of income tax return (ITR) filing deadline by a month. The new date is 31 August 2018. The tweet informs this way,

“Upon consideration of the matter, the Central Board of Direct Taxes (CBDT) extends the ‘Due Date’ for the filing of Income Tax Returns form 31st July 2018 to 31 August 2018 in respect of the said categories. Of taxpayers.”

There was no penalty for paying income tax even once the date was passed until last year, but in the AY 2018-19, taxpayers have to pay the penalty. The government has added a new section 234F in the Income Tax Act this year and according to this, the taxpayer has to pay a fee of up to Rs 10,000 for the delay in filling the income tax return. It’s specified in section 139(1) of the Act.

On changes made in the Finance Act 2017, Income Tax experts say that taxpayers are liable to pay a fee of Rs. 5,000, if their tax return for the year 2017-18 is filed once the return filing date is passed but before December 31, 2018. This fee will get larger up to Rs. 10,000, if you pay it after 1st Jan 2019. However, if the total income of a person is less than Rs. 5,00,000, the fee amount will not go more than Rs. 1,000.