TIME EXTENDED FOR INCOME TAX RETURNS

The Central Board of Direct Taxes (CBDT) has provided additional one month to file Income Tax Returns from 31st July 2018 to 31st August, 2018 for the Assessment Year 2018-19.

If the returns are not filed on or before the extended date the Tax payers will be charged with the payment of Rs.5,000/- if the return is filed after 31st August, 2018 before 31st December, 2018.

If the returns are filed on or after 1st January, 2019 then penalty will increase to Rs.2,000/-.

However, if the total income of Tax Payers is less than Rs.5,00,000/- the penalty will remain at Rs.1,000/-.

Individual and other legal entities whose records are not required to be audited must file the return on or before 31st August, 2018.


Dr Gubbi S Subba Rao

Counselor & Advocate

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