The last date to file Income Tax Returns (IT returns) has been postponed to 31 August. Here are the reasons for extending the deadline.
The government has announced that the last date to file Income Tax Returns (IT returns) has been postponed to 31 August. Here are the reasons for extending the deadline, which was initially fixed for 31 July 31.
However, not submitting your IT returns by 31 August will cost you a fine from Rs 1,000 to Rs 10,000. Those who have salary below Rs 5 lakh per annum will be charged a late fee of Rs 1,000.
Reason behind extension of date:
1) Delay from the banks
There has been a delay from the banks in furnishing details of Tax Deducted at Source (TDS).
2) Heap of IT Returns files
Also, there is a considerable increase in the number of files to be filled this year.
3) Form 16
There has reportedly been a delay from the companies in providing Form 16 to their employees.
Implementation of Goods and Services Tax (GST) has kept many charted accountants busy in dealing with hundreds of queries from their clients and other people. The confusion in calculating the GST also has led to delay in filing the IT returns.
So keeping all these challenges in mind, one month extension has been offered to file the IT returns.
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Last Updated Jul 27, 2018, 5:57 PM IST