The Income Tax Department of India has issued a clarification regarding the extension of date for filing Income Tax Returns. It has categorically mentioned that August 31st is the last date for filing ITR with no extension whatsoever. Some reports pertaining to the extension of the last date had been doing rounds in the media which now stand rejected by the Central Board of Direct Taxes Department (CBDT) of the Ministry of Finance.
A tweet from the official Twitter handle of Income Tax Department reads, “It has come to the notice of CBDT that an order is being circulated on social media pertaining to extension of due date for filing of IT Returns. It is categorically stated that the said order is not genuine. Taxpayers are advised to file Returns within extended due dt of 31.08.2019.”
It has come to the notice of CBDT that an order is being circulated on social media pertaining to extension of due dt for filing of IT Returns. It is categorically stated that the said order is not genuine.Taxpayers are advised to file Returns within extended due dt of 31.08.2019 pic.twitter.com/m7bhrD8wMy— Income Tax India (@IncomeTaxIndia) August 30, 2019
Earlier, the original deadline to file returns was July 31st, now extended up to August 31st. Making disclosures before deadline may save Rs 10,000 which government charges as late fine in case of delayed ITR filing. It is to be noted that for all the citizens except those ageing above 80, the ITR filing is to be done online. Also, it is crucial for the first-time filers to be able to differentiate between FY and AY. FY is the year in which an income is made while AY is the year in which income is assessed and returns are filed.
According to latest media reports, the number of ITR filers has increased by 1.3 crore and the government is expected to get more revenues by the virtue of widened tax base.