Govt extends last date to file ITR, audit report till Oct 15
New Delhi : Tax payers, this news is for you all! The government in India has extended the deadline to file income tax returns (ITR) and audit report for the financial year 2017-18 from September 30 to October 15 for specific categories of taxpayers. It must be noted that the new guidelines will be applicable to those who earns over Rs 2 crore, and those who are required to audit their accounts by a charted accountant. Conversely, September 30 still remains the last date to pay taxes but people can file returns till October 15.
According to a press release published on Monday, the Central Board of Direct Taxes said: "Upon consideration of representations from various stakeholders, the CBDT extends the 'due date' for filing of Income Tax Returns as well as reports of Audit (which were required to be filed by the said specified date) from 30th September 2018 to 15th October 2018 in respect of the said categories of taxpayers."
Also, it has been announced that there will be no extension of the due date for the purpose of section 234A (Explanation 1) of the IT Act, 1961, pertaining to interest for defaults in furnishing return, and the assets will remain liable for payment of interest as per provisions of section 234A of the Act". Given that July 31 due date was extended to August 31, changes in tax return forms as well as the utility for tax return form and various changes in GST, this is a welcome move," Samir Kanabar, tax partner, EY India told the media.
The last date for submitting ITRs for FY 18 for salaried taxpayers and those opting for presumptive income scheme was August 31. Earlier, the CBDT had said the income tax collection rose to a record Rs 10.03-lakh crore during 2017-18. A record number of 6.92 crores I-T returns were filed, which was 1.31 crore more than 5.61 crore returns filed in 2016-17. Around 1.06 crore new taxpayers filed their returns this year, and the number is expected to go up by 1.25 crore in FY19.
Report confirms that this time, around 2.09 lakh people categorised as 'non-filers' filed their ITRs and paid taxes worth Rs 6,416 crore, reported PTI. It has also been noticed that over 3.04 lakh persons deposited Rs 10 lakh cash post demonetisation but had not filed their return of income till the due date.
