Earnings Tax deadline prolonged: Initially, the final date was July 31. The July 31 deadline was set for most people and HUFs.
The Finance Ministry has prolonged the deadline for submitting of Earnings Tax Returns to August 31. Initially, the final date was July 31. The July 31 deadline was set for most people and HUFs. “The Central Board of Direct Taxes (CBDT) extends the ‘due date’ for submitting of Earnings Tax Returns from July 31, 2019 to August 31, 2019 in respect of the mentioned classes of taxpayers,” the finance ministry mentioned in an announcement.
This extension comes after the federal government was appealed by many entities to increase the ITR submitting date in order to permit adequate time to tax payers to file their returns.
CBDT had additionally prolonged the deadline for employers to file their TDS returns from Could 31 to June 30. Consequently, the issuance of Kind 16 was additionally pushed again from June 15 to July 31.
If tax payers don’t file their returns earlier than the deadline, then they are going to be levied with Rs 5,000 penalty – supplied they file it by December 31. The late price is double if the tax payer information the returns between January 1 and March 31.
Moreover, all particular person taxpayers are actually required to file revenue tax returns electronically. The one exception to this rule are tremendous senior residents, who can file returns in paper kind. The Kind 16 has additionally been beefed up. Employers now have to supply an in depth break-up of all elements, together with remuneration acquired from former employer/s and all tax-related deductions availed of by the worker.
Furthermore, so as to make the tax submitting course of much less cumbersome, the Earnings Tax Division will now present pre-filled ITR-1 types. These types may have your wage, FD curiosity revenue and TDS particulars. Up to now, these particulars needed to be manually crammed by the taxpayer. Nonetheless, one should understand that this facility for ITR submitting is out there for the ITR-1 kind filed on-line on the division’s e-filing web site (incometaxindiaefiling.gov.in). The software program will use the taxpayer’s PAN particulars from Kind 26AS, the TDS return filed by the employer and the earlier 12 months’s ITR.