The Union Finance Ministry has extended the I-T return (income tax) filing deadline by a month to August 31 instead of July 31, giving a breather to taxpayers whose accounts do not need audit, all over India.
Keeping conveniences of taxpayers in mind, the government has extended the deadline for filing income tax return for assessment year 2018-19. The final date of filing income tax returns for taxpayers who hold accounts which are not liable to audits, have been extended by a month and is now August 31, 2018 instead of July 31. After the extension, taxpayers can file income tax returns by August 31 without any penalties. However, after the new deadlines, filing of income tax will include a fine of Rs 10,000 for delayed filing after the due dates specified in section 139(1) of the Act. And if the total income of the taxpayer is less than Rs 5,00,000, the fee amount shall not exceed Rs 1,000.
The relaxation has been given to give a final chance to small taxpayers to opt the habit of timely filing of income-tax return. Also, since this is the first year of applying new penalties for late I-T return filing, the government has decided to go lenient on tax payers just for this year. Albeit the deadline has been extended, taxation experts suggests that “those who have taxes to pay should pay before July 31 to save additional one month interest under section 234B”. If taxpayer files returns in July, the interests to be paid for four months i.e. April to July; and if anyone decides to pay after July, they will be liable to pay interest for five months – April to August. You be the judge.