The last date to file Income Tax Returns (ITRs) has been extended by the month, with the government pushing the July 31 deadline to August 31. The government announced this on Thursday.
Individual taxpayers for AY18-19 can avail the benefits of this extended deadline. This extension in the deadline, however, is applicable only to those taxpayers who were previously supposed to file their returns by July 31.
One of the reasons for this extension could be the fact that new ITR forms were introduced for the assessment year 18-19, which might have resulted in delays in filing the ITR.
The Central Board of Direct Taxes (CBDT) also had provisions under which taxpayers who failed to file their tax returns before the deadline would have had to pay a penalty ranging between Rs.1,000 and Rs.10,000, depending on the date on which their returns were ultimately filed.
Sources: MoneyControl, Financial Express