Central Board of Direct Tax (CBDT) yesterday late evening has issued the notification mentioning that due date to file Income Tax Return for Financial Year 2018-19 ( AY 2019-20) has been extended to 31st August. Earlier the due date for income tax return filing for some tax payers was 31st July which has been extended to 31st August.
Following Tax Payers have to file their income tax return 31st August
- For individuals
- HUF (Hindu Undivided Family),
- BoI (Body of individuals),
- AoP (Association of Persons) whose books of account are not required
- For businesses whose books of account are not required to be audited
All the salaried class people must be feeling relaxed as many were left to file their income tax return. All tax payers should remember that late filing could impose a penalty of Rs. 10,000 or loss of refund whichever is higher. So therefore, make sure you file your return withing the stipulated time.
Assesses can file their return by 31st August and in case they feel something is left in the return they have the option of revising the return till 31st March 2020 but for that they have to file their original return first. But we would request the tax payers that they should file before 31st July.
Assesses whose income is more than 2,50,000/- have to file their income tax return irrespective of the fact that they have any tax liability or not.
Income Tax official Twitter handle has tweeted this
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