On Thursday, the CBDT has extended the September 30 deadline by a duration of month for filing of income tax returns (ITRs) for special cases that requires audit reports. Right now, the new deadline for audit cases till October 31.
CBDT extends ITR filing deadline to October 31
The CBDT said in a statement that has been released late night, “On consideration of representations recd (received) from across the country, CBDT has decided to extend the due date for filing of ITRs & Tax Audit Reports from 30th Sep, 2019 to 31st of Oct, 2019 in respect of persons whose accounts are required to be audited,”
The statement also said that a formal notification for the same is going to be issued soon.
This category of ITR on the other hand is to be filed by those entities that are considered under section 44AB of the I-T Act like companies, partnership firms, proprietorship and many others as well as their accounts are to be audited in advance of their filing.
There are some categories of individuals such as a working partner in a firm also fall under this clause. Along with this the Central Board of Direct Taxes frames policy for the income tax department.
Income Tax Return is the form in which assessee files data regarding his Income asw ell as tax thereon to Income Tax Department. Several forms for the same are ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 and ITR 7. When you file a delayed return, you are then not allowed to carry forward certain losses.
The Income Tax Act, 1961, as well as the Income Tax Rules, 1962, necessitates citizens to file returns with the Income Tax Department at the end of each financial year. Only those of the Forms that are filed by the eligible Assessees are processed by the Income Tax Department of India.
In the meantime all the tax payers must take the shift of the deadline in consideration and must follow it accordingly. If they fail to file income tax returns (ITRs) in the new deadline for audit cases till October 31, then they will have to submit fine and considered actions will be taken accordingly.
According to the new law from this year, Individuals who will pay late fee after last date in order to file income tax return for the FY 2018-19, will have to pay Rs 5000 fine, if tax is filed after due date of 31st Aug but on before 31 December of that assessment year (in this case 31 December 2019)
If in any case the tax is filed after 31 December but on or before 31 March of the relevant assessment year (in this case from 1 January to 31 March 2020, the fine for the same would be Rs 10,000.
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