The Central Board of Direct Taxes (CBDT) has extended the due date for filing of Income Tax Returns (ITR) from 31st July, 2018 to 31st August, 2018.
“Upon consideration of the matter, the Central Board of Direct Taxes (CBDT) extends the ‘Due Date’ for filing of Income Tax Returns from 31st July, 2018 to 31st August, 2018 in respect of the said categories of taxpayers,” tweeted Ministry of Finance.
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ITR is the form in which assessee files information about his/her income and tax thereon to Income Tax Department.
It may be recalled that the CBDT had said non-filing of ITR before the due date from this assessment year would lead to a penalty of Rs 1,000, 5,000 and Rs 10,000. Penalty will depend on when the ITR is filed after the deadline. However, for taxpayers having income under Rs 5 lakh, fine remained at Rs 1,000.
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