No Due Date Extension for Income Tax Return Filing: CBDT

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The Central Board of Direct Taxes (CBDT), today clarified that the rumors spreading across in social media regarding extension in due date for non-tax audit cases is fake. The Income Tax department further clarified that there are no such plans to extend this deadline beyond 31st July, 2018.
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The CBDT missive said that the department has already received over 1 crore returns filed electronically.
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As per Section 234F of the Income Tax Act, from 1st April 2018, the penalty for late filing income tax return would be as follows: (a) five thousand rupees, if the return is furnished on or before the 31st day of December of the assessment year; (b) ten thousand rupees in any other case: Provided further that if the total income of the person does not exceed five lakh rupees, the fee payable under this section shall not exceed one thousand rupees.
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“Therefore, the assessees are hereby asked to file their ITRs before the above due date to avoid the penalty,” the circular said.
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The Board had notified the new Income Tax Return forms for the assessment year 2018-19 on April 5. The income Tax department has launched all the income tax forms for e-filing after more than a month of them being notified.
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The present circular is not a happy news for taxpayers and the tax professionals as they did not get sufficient time to prepare the returns.
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REGARDS
ACA SOURAV BAGARIA