Due Date of Income Tax Returns Extended
A welcome move for the taxpayers!
The Government has extended the due date of income tax returns by Individuals and HUFs for AY 2019-20 (FY 2018-19) till 31st August 2019.
Individuals, HUFs, AOPs and BOIs whose accounts are not required to be audited had to file their income tax returns till 31st July 2019, without paying late fees and interest.
However, last month, the Government had extended the due date of issuing Form 16 by the employers to their employees till 10th July 2019. To know the basics of Income Tax Filing Click Here.
Due to this extension, the salaried employees had to prepare, calculate and file their taxes within 20 days, which was a short time period. Hence, taxpayers, chartered accountants, and tax practitioners were demanding the due date extension which has been agreed upon by the Government.
What does this extension mean?
Taxpayers (whose accounts are not required to be audited) can now file their income tax returns till 31st August 2019.
If they don’t file it till 31st August 2019, they will have to pay late fees under 234F and interest under 234B & C. Further, they won’t be able to carry forward any other losses except house property losses.
Click here to download the official press release by the Income Tax Department for due date extension.
Facing problem in calculating taxes or preparing your income tax return? Hire a CA on WizCounsel at affordable prices, and get your return filed faster at affordable prices.
WizCounsel is an online marketplace that helps you hire verified & top-rated independent Lawyers, CAs, & Business Experts. Hire for one time task, ongoing work, or just for a consultation. Get work done using file sharing, communication tools, delivery tracking, and making payments online.