The Union government has extended the last date for filing income-tax returns (ITR) for the assessment year 2018-19 to August 31.
The new returns forms were notified early in April and taxpayers (whose accounts are not liable for audit) were allowed to e-file their ITRs till July 31.
Upon consideration of the matter, the Central Board of Direct Taxes (CBDT) has extended the ‘due date’ for filing of ITRs from July 31, 2018 to August 31, 2018 in respect of the said categories of taxpayers, a Finance Ministry statement said.
The decision comes days ahead of the July 31 deadline, which several groups had requested the government to push to later.
CBDT had notified the new income tax return forms for assessment year 2018-19 on April 5. Experts said the introduction of new forms was leading to delays in filing of returns.
Further, the CBDT had said non-filing of ITR before the due date from this assessment year would lead to a penalty of Rs 1,000, 5,000 and Rs 10,000, depending on when the returns were filed after the deadline. The fine for taxpayers having income under Rs 5 lakh remained at Rs 1,000.