The new guidelines are applicable for those earning over Rs 2 crore, and those who are required to audit their accounts by a charted accountant.
The government has extended the deadline to file income tax returns (ITR) and audit report for the financial year 2017-18 from September 30 to October 15 for certain categories of taxpayers. The new guidelines are applicable for those earning over Rs 2 crore, and those who are required to audit their accounts by a charted accountant. However, September 30 still remains the last date to pay taxes but people can file returns till October 15.
In a press release issued on Monday, the Central Board of Direct Taxes said: “Upon consideration of representations from various stakeholders, the 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 will be no extension of the due date for the purpose of section 234A (Explanation 1) of the IT Act, 1961, pertaining to interest for defaults in furnishing return, and the assessee will remain liable for payment of interest as per provisions of section 234A of the Act, it said.
“Given that July 31 due date was extended to August 31, changes in tax return forms as well as the utility for tax return form and various changes in GST, this is a welcome move,” Samir Kanabar, tax partner, EY India told the Indian Express.
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 categorised 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 demonetisation but had not filed their return of income till the due date.