Filing of ITR may not be a time consuming process especially for those who are filing ITR-1. Watch our video to file ITR 1 in under 15 minutes.
If you were waiting for the Income Tax Department order to extend the due date for filing of income tax return (ITR) again, this is for you. CBDT through its twitter handle has informed that the last date for tax filing remains as August 31, 2019. CBDT had to release such information in order to clear the confusion related to an ‘order’ circulating on social media about the extension of the due date for ITR filing. This is what CBDT says in its tweet, “It has come to the notice of CBDT that an order is being circulated on social media pertaining to extension of due date for filing of IT Returns. It is categorically stated that the said order is not genuine. Taxpayers are advised to file Returns within extended due date of 31.08.2019.”
Earlier, CBDT had extended the due date for filing of ITR from July 31 to August 31, 2019. The extended deadline of August 31 is applicable to individuals, including salaried taxpayers and entities who do not need to get their accounts audited and were required to file their ITR for FY 2018-19 (Assessment Year 2019-20) by July 31, 2019.
For this assessment year, there were several changes and modifications made in the ITR forms and even in the reporting structure of the companies or other tax deductors. There was a delay in generation of Form 16 as well which could have led CBDT to issue a notification on June 4, 2019, extending the deadline for the employers to issue Form 16 to their employees, from 15 June to 10 July.
The CBDT had also extended the due date of filing of Form 24Q for the financial year 2018-19 from May 31, 2019, to June 30, 2019. The Form 24Q is a quarterly statement of deduction of tax in respect of salary for the four quarters of the financial year and is to be filed by the employer. As per the new rules, employers have to report correct data in Annexure II of Form 24Q.
It has come to the notice of CBDT that an order is being circulated on social media pertaining to extension of due dt for filing of IT Returns. It is categorically stated that the said order is not genuine.Taxpayers are advised to file Returns within extended due dt of 31.08.2019 pic.twitter.com/m7bhrD8wMy
— Income Tax India (@IncomeTaxIndia) August 30, 2019
Importantly, tax on long-term capital gains was re-introduced this year which saw several modifications and steps taken by the I-T Department for proper reporting of such gains. On July 19, CBDT clarified that taxpayers have an option to either enter the Scrip-wise details of long-term capital gains or enter the self-calculated aggregate value of long-term capital gains directly, without entering scrip-wise details. Taxpayers may exercise either option based on their convenience.
Filing of ITR may not be a time-consuming process especially for those who are filing ITR 1. Here’s a video to help you file ITR 1 in less than 15 minutes.
Must Watch: How To File ITR-1 for AY 2019-20 in less than 15 minutes; Explained on Income Tax Portal
In order to avoid a fine, it’s always better to file the ITR well in time. Late filers will have to bear a fine of Rs 5,000 for filing after the due date but before December 31, 2019. For those filing beyond that date and before March 31, 2020, the fine is Rs 10,000. As a prudent step, save the fine and file the ITR in time.