Amid wide publicity to the late fee applicable on filling of income tax return, welcome respite has come from the Ministry of Finance in terms of extension of deadline to file the income tax return. Mostly its seen that the decision to extend such deadline is taken on the very last day and the period its extended is mostly a few day, but luckily not this year.
“The due date for filing of Income Tax Returns for Assessment Year 2018-19 is 31.07.2018 for certain categories of taxpayers. Upon consideration of the matter, the Central Board of Direct Taxes(CBDT) extends the ‘due date’ for filing of Income Tax Returns from 31st July, 2018 to 31st August, 2018 in respect of the said categories of taxpayers,” the communique issued by FinMin.
If the late fee warning has worked the way it was intended; India is seemingly all set to register record gains in direct tax collection!