Deadline for income tax return filing extended to August 31: Here’s what you all need to know

Deadline for income tax return filing extended to August 31: Here’s what you all need to know

The government has extended the deadline for filing the income tax returns to August 31, 2019, from the earlier scheduled date of July 31, 2019.

The decision has been taken keeping in mind the hurdles faced by the taxpayers in the issuance of Form 16, changes in the forms, tax-filing utilities and technical glitches with return forms.

“Upon consideration of the matter, 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,” CBDT notified in a statement late on Tuesday.

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The tax department usually allows a some extra time if taxpayers face problems while filing their returns. For the assessment year (AY2019-20) the tax-deducted at source (TDS) form was modified along with rules for filing TDS returns by employers.

The TDS certificates such as Form 16 is provided by your employer if tax is deducted from your salary income. Similarly, your bank will issue a Form 16A for TDS deducted on interest paid to you on fixed deposit. The documents will help you calculate your gross taxable income and will provide the details of TDS from your income in FY18-19. Make sure all the TDS certificates received are in the TRACES format.

By filing your returns on time, you are eligible for certain benefits such as carry-forward losses and avoiding late filing fees, which is up to Rs 10,000.

The Central Board of Direct Taxes (CBDT) has also modified the ITR-1 or ‘Sahaj’ and ITR-2 forms. The department has made it mandatory for every individual to file their returns electronically, baring the super senior citizens whose age is 80 years or above.

Under the ITR-2, individuals now have to disclose all the relevant information pertaining to any kind of property sale, irrespective of whether the capital gains received are short-term or long-term in nature.

Individuals using ITR-2 will be required to provide additional information with respect to the residential status, such as the number of days of stay in India, the jurisdiction of residence and tax identification number in case the individual is a non-resident.

Individuals filing their tax returns using the ITR-1 form will see an updated “Income from other sources” section to provide details of the source from where interest or any other income is received.

 

Source:-cnbctv18

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