Monday, 23 July 2018

CBDT - extension in due date for non-tax audit cases is fake and there are no such plans to extend this deadline beyond 31st July, 2018


CBDT - extension in due date for non-tax audit cases is fake and there are no such plans to extend this deadline beyond 31st July, 2018

CIRCULAR No.4/2018
F.No.370889/25/2018
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
New Delhi, Dated 21st July, 2018

This Circular is issued in pursuant to 139(1) of the Tax Act, 1961 is to clarify that rumors spreading across in media regarding extension in due date for non-tax audit is fake and no such plans to extend this deadline beyond 31st July, 2018. The department already received over 1 crore returns filed electronically.

As per Section 234F of the Income Tax Act, from 1st April 2018, the penalty for late filing income tax return would be as

(a) five thousand rupees, if the return is furnished on or the 31st day of December of the assessment year;
(b) ten thousand rupees in any other case:

Provided further that if the total income of the person not exceed five lakh rupees, the fee payable under this section shall not exceed one thousand rupees. Therefore, the assessees are hereby asked to file their ITRs before the due date to avoid the penalty.
(Sanyam Suresh Joshi)
DCIT, CBDT
Source: Confederation

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