In case you’ve been lazy filing your taxes this year, it is time to rejoice! To give us lazy bums a breather the Finance Ministry has extended the deadline and effectively put an end to the last minute struggle of meeting the deadline!
Individuals, including salaried taxpayers, and entities (excluding those who need to get their accounts audited) were required to file their income tax returns for fiscal 2018-19 (Assessment Year 2019-20) by July 31, 2019, according to India Today.
But luckily, the due date for filing the returns has been extended to August 31, 2019.
The Central Board of Direct Taxes (CBDT) extends the ‘due date’ for filing of Income Tax Returns from 31st July, 2019 to 31st August, 2019 in respect of certain categories of taxpayers who were liable to file their Returns by 31.07.2019.
— Income Tax India (@IncomeTaxIndia) July 23, 2019
“The Central Board of Direct Taxes (CBDT) extends the ‘due date’ for filing of Income Tax Returns from July 31, 2019, to August 31, 2019, in respect of the said categories of taxpayers,” the finance ministry said in a statement.
The decision for an extension in filing ITR date came in since the issuance of tax deducted at source (TDS) statement for 2018-19 fiscal was delayed.
The categories of taxpayers includes all taxpayers who were liable to file their Income Tax Returns by 31st of July, 2019 & can now file their Income Tax Returns by 31st of August, 2019.
— Income Tax India (@IncomeTaxIndia) July 23, 2019
But even if you fail to file the ITR by the extended deadline (which you shouldn’t), you can file your income tax return any time during 2019-20 (till March 31, 2020), but with a hefty fine for delaying to file by the due date shall be levied.
Cover image: source