No extension of due date for Income Tax Return 2017-18
Last Date for filing Income Tax Return for the Year 2017-18 (FY) is 31st July 2018
No extension of due date for Income Tax Return 2017-18 (Assessment Year 2018-19) – CBDT Circular confirms that news on extension of due date for filing Income Tax Return is a rumour
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
New Delhi, Dated 21st July, 2018
Order under section 139(1) of the Income-tax Act, 1961 (‘the Act’)
This Circular is issued in pursuant to 139(1) of the Tax Act, 1961 is to clarify that rumours spreading across in media regarding extension in due date for non-tax audit is fake and no such plans to extend this deadline beyond 31st July, 2018. The department already received over 1 crore returns filed electronically.
As per Section 234F of the Income Tax Act, from 1st April 2018, the penalty for late filing income tax return would be as
(a) five thousand rupees, if the return is furnished on or the 31st day of December of the assessment year;
(b) ten thousand rupees in any other case:
Provided further that if the total income of the person not exceed five lakh rupees, the fee payable under this section shall not exceed one thousand rupees. Therefore, the assessees are hereby asked to file their ITRs before the due date to avoid the penalty.
(Sanyam Suresh Joshi)