Central Board of Direct Taxes (CBDT) extended the last date to file Income Tax Returns (ITR) from July 31 to August 31.
The official twitter handle of Ministry of Finance (@FinMinIndia) tweeted: “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.”
Until last assessment year (AY) there was no penalty for filing belated income tax returns. However, this penalty is applicable from AY 2018-19. A new section 234F was inserted by the government in the Income Tax Act. As per this section, an individual would have to pay a fee of up to Rs 10,000 for filing income tax return after the due dates specified in section 139(1) of the Act.
It is mandatory for people to file tax returns if their gross total income (before allowing deductions under section 80C to 80U) exceeds Rs 250,000 in a financial year. The limit is Rs 300,000 for senior citizens (more than 60 years old, but less than 80 years old) and Rs 500,000 for super-senior citizens (more than 80 years old).
One can file his/her return involuntarily even if your income is less than the maximum exemption limit.