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