ITR and Audit Report Deadline Extended

The deadline to file ITR and audit report extended for the financial year 2017-18 for some classes of taxpayers was extended by the government on Monday to 15 October from 30 September. The CBDT (Central Board of Direct Taxes) decided to postpone the date as it had received representations from stakeholders seeking an extension for taxpayers that need to audit their accounts.

A statement from the finance ministry said, “Upon consideration of representations from various stakeholders, the Central Board of Direct Taxes(CBDT) extends the ‘due date’ for filing of Income Tax Returns as well as reports of Audit (which were required to be filed by the said specified date) from 30th September 2018 to 15th October 2018 in respect of the said categories of taxpayers. However, there shall be no extension of the due date for the purpose of section 234A (Explanation 1) of the I.T. Act, 1961 pertaining to Interest for defaults in furnishing return, and the assessee shall remain liable for payment of interest as per provisions of section 234A of the Act.”

ITR and Audit Report

The last date for salaried taxpayers to file their ITR for the financial year 2017-18 ended on 31 August. The CBDT had earlier released data that the ITR filing in this category of taxpayers along with those opting for presumptive income scheme rose by 71 per cent to 5.42 crore till 31 August.

The last date for furnishing ITRs for FY 18 for salaried taxpayers and those opting for presumptive income scheme was August 31. Earlier, the CBDT had said the income tax collection rose to a record Rs 10.03-lakh crore during 2017-18. A record number of 6.92 crores I-T returns were filed, which was 1.31 crore more than 5.61 crore returns filed in 2016-17. Around 1.06 crore new taxpayers filed their returns this year, and the number is expected to go up by 1.25 crore in FY19.

Besides, around 2.09 lakh people categorized as ‘non-filers’ filed their ITRs this time and paid taxes worth Rs 6,416 crore, reported PTI. This was done after the I-T Department issued notices to over 3.04 lakh persons who deposited over Rs 10 lakh cash post demonetization but had not filed their return of income till the due date.

Source: Goodreturns