Considering requests from stakeholders, the Central Board of Direct Taxes (CBDT) has extended the deadline for filing income tax returns (ITR) and audit report to October 31, 2018 – which comes out as the second extension made by the authority within a fortnight.

Recently, the CBDT had extended the deadline for tax payers whose accounts have to be audited from September 30 to October 15. And within a fortnight, the board said that they are considering the “representations from various stakeholders” and have extended the due date for filing of Income Tax Returns and audit reports from 15 October to 31 October, 2018. The extension of the deadline will prove to be a relaxation for the auditors and stakeholders who are yet to be audited or who have pending IT return files.

 

However, the CBDT statement added that filing their return of income “within the extended due date shall be liable for levy of interest as per provisions of Section 234A of the Income Tax Act, 1961”. Which means, the liability to pay interest for late filing of income tax return still applies and late payers will have to pay extra money – if they fall under the category of salaried taxpayers and those opting for Presumptive Income Scheme who had to file the returns by August.

0