Extension of due date of filling Income Tax Return for FY 2018-19 (AY 2019-20)
Introduction
Due date for filling Income Tax Return for the financial Year 2018-19 (Assessment Year 2019-20) is extended from 31st July 2019 to 31st August 19 by CBDT vide its order under section 119 dated 23rd July 2019.
In case Individual taxpayer had not filed the till now, they are required to file it before the extended due date.
Reasons for extension
> Delay in receipt of Form 16 to salaries employees
The Income Tax department has extended the deadline for issuing Form 16 TDS certificate for the financial year 2018-19 to employees from 15th June till July 10. Salaried taxpayers were left with just 20 days to file their income tax returns.
> Frequent Changes in ITR forms
> Issues on Income Tax Return filling Portal
Penalty Clause for Delay
If the Income Tax Return is not filed by due date then the penalty upto Rs 10,000/ is applicable-. After 31st March this option to file with Penalty would also not be available.
Benefits of filing ITR
1. Easy Loan Approval
2. Claim Tax Refund
3. Income Proof
4. Quick Visa Processing
5. Avoid Penalty
6. Interest under section 234A at 1% per month or part thereof will be charged till the date of payment of taxes.
7. Penalty later on imposed could be avoided
Conclusion
So it is advised to
1. Get the return filed before due date & to file it even in NIL Income tax cases.
2. Now the 31st Aug would be last date for various Returns under GST Act and Income Tax Act so efforts should be done to file the same much before the last date.
