Income tax returns filing deadline extended till August 31
On Tuesday the government extended the deadline for filing income tax returns for the FY20 assessment year by individuals and certain non-corporate assessees to 31 August.
The extension of the due date applied to all taxpayers liable to file their tax returns by 31 July, the actual due date. The Central Board of Direct Taxes (CBDT) said the new date is applicable to assesses except the corporate taxpayers and a few other non-corporate entities, the books of which need not be audited.
Some taxpayers were facing difficulties in filing their tax returns because of several reasons including the extension of date for issuing Form 16, the tax deducted at source (TDS) certificate given by employers, told the CBDT order.
The Central Board of Direct Taxes (CBDT) extends the 'due date' for filing of Income Tax Returns from 31st July, 2019 to 31st August, 2019 in respect of certain categories of taxpayers who were liable to file their Returns by 31.07.2019.
— Income Tax India (@IncomeTaxIndia) July 23, 2019
Earlier the tax department had made changes in the format of tax returns, TDS certificates and also made changes in the rules for filing TDS returns by employers.
Returns for the assessment year 2019-20 relate to income earned in the financial year 2018-19. The tax department generally allows a short extension if the citizens face any difficulty in meeting the deadline and a longer extension for assessees in states where exceptional events such as a natural calamity are reported.
Experts said the changes made to the TDS certificate format notified in April need employers to give the break-up of all the tax-exempt payments to the employee. Employers need to file Form 24Q with the tax department, which has been modified to provide the break-up of gross salary in terms of the value of perquisites and profits in lieu of salary. Bifurcation of tax-exempt allowances and the various deductions claimed have also to be given. The move is part of an effort to reduce ambiguity in filing returns and to make assessment easier by capturing finer details.
The Union budget for FY20 also proposed that return filing is mandatory for those who fall below the basic exemption limit of ₹2.5 lakh annual income. Especially if they get into specified high-value transactions such as spending on foreign travel.