The Central Board of Direct Taxes (CBDT) has announced that the rumors spreading across in social media regarding extension in due date for filing Income Tax Returns is fake. The Income Tax department further clarified that there are no such plans to extend this deadline beyond 31st JULY, 2018.

The CBDT also informed that the department has already received over 1 crore returns filed electronically.

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 lakhs rupees, the fee payable under this section shall not exceed one thousand rupees.

“Therefore, the assessee are hereby asked to file their ITRs before the above due date to avoid the penalty,” the circular said.

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.

The present circular is not good news for taxpayers and the tax professionals as they did not get sufficient time to prepare the returns.

For any queries/clarification you may contact

Bharat Poplani