Updated: July 24, 2019 4:26:08 am
The Central Board of Direct Taxes (CBDT) Tuesday extended the due date of filing income tax return by one month for certain category of taxpayers. Individuals, Hindu Undivided Family (HUF), Association of Persons and businesses whose accounts are not required to be audited need to file their income tax returns by July 31, 2019 for assessment year 2019-20 (financial year 2018-19). This date has now been extended to August 31, 2019 as “taxpayers were facing certain difficulties”.
“… the Central Board of Direct Taxes extends the ‘due date’ for filing of Income Tax Returns from 31st July, 2019 to 31st August, 2019 … ,” the Finance Ministry said.
The new rule of mandatory filing of I-T return by July 31 for these category of taxpayers had kicked in last year. Prior to that, taxpayers could file returns by March 31 without paying penalty. If the return is furnished after due date of filing but on or before December 31, it will attract a penalty of Rs 5,000, which doubles to Rs 10,000 if the return is filed between January 1 and March 31. If the total income of the person, however, does not exceed Rs 5 lakh, penalty shall not exceed Rs 1,000.
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