Due Date of Income Tax Return (ITR) Filing Extended for FY 2018-19 to 31st August
by Agam Gupta 5.11K
Finally, the government has extended the due date for filing the ITR for the FY 2018-19 to 31st August 2019 from the existing 31st July 2019. It has come as a big relief to the individuals and non-corporate assessee who have not to file their income tax return until now.
What did CBDT say?
The extension of a due date is applicable to an assessee who are required to file the income tax return by 31st July of the following year. This applies to individuals and other non-corporate assessees, who are not required to get their accounts audited.
Who needs to file ITR by 31st July?
Except for corporate assessees and those who require their accounts to get audited under section 44AB of the income tax act, 1961, are required to file their income tax return by 31st July of the following financial year.
Why the extension has been granted?
As per the report, some taxpayers were reportedly facing difficulties in filing their income tax returns because of various reasons, including the extension of date for issuing the form 16, i.e. a TDS certificate for salaried personnel. Further, the income tax department has made a lot of changes earlier in the TDS statement, and TDS returned required to be filed by the employers.
Who all are basically required to file the ITR?
Anyone whose total income crosses the minimum exemption limit, i.e. 250,000/-, then he is required to file the income tax return under section 139 of the income tax return. However, this limit is applicable for individuals and HUF and not for firms. Partnership firms are mandatorily required to file ITR except for the case where it is required to get its account audited under section 44AB as described above.
Revised due date for FY 2018-19
The new revised due date for the previous year 2018-19 is 31st August, 2019.
Conclusion
Though income tax return due date has been extended, but it is advised not to wait for the 31st August, 2019 and file your income tax return as soon as possible. If you need any help, please contact our experts today.