In a big relief to taxpayers, the Central Board of Direct Taxes (CBDT) has extended the last date for filing income tax returns (ITR) by a month to August 31. The decision comes after several group requested the government to shift the deadline for filing ITR for assessment year 2018-19.
“Upon consideration of the matter, the Central Board of Direct Taxes (CBDT) extends the ‘due date' for filing of Income Tax Returns from July 31, 2018 to August 31, 2018 in respect of the said categories of taxpayers,” a Finance Ministry statement said.
Earlier, individuals and entities were mandated to file returns by July 31. The ITR forms were notified earlier in April.
Meanwhile, Union Finance Minister Piyush Goyal has appealed to citizens to pay taxes within the extended due date.
"The last date for submission of income tax has been extended from July 31 to August 31, 2018, I request every taxpayer to submit their income tax by the due date, fulfil their duty as a law-abiding citizen and contribute in the nation building," Goyal tweeted.
Nangia Advisors LLP Partner Suraj Nangia said the decision has addressed the concerns raised by the taxpayer and tax professional while filing the Income-Tax return for AY 2018-19.
"The concerns raised by the stakeholders were many, viz. considerable delay in release of ITR form utilities leading to shortage of time, continuous updation of schema of ITR utilities leading to further delay, delay in updation of Form 26AS which reflects the TDS credit that is available at the time of ITR filing, mandatory penalty for even one day of delay in filing ITR, implementation of GST law adding to the work load since GST reconciliation with books is required," Nangia said.