Income Tax Return Date Extended 2018

Income Tax Return Date Extended 2018

The Central Board of Direct Taxes (CBDT) has extended the due date for filing of Income Tax Returns to August 31, 2018, from 31^st July 2018. It means the person who requires filing return under section 139 on or before 31^st July 2018 can file return up to 31^st August 2018 without paying any default payments of Rs 5,000. If person file return after 31^st August 2018 is liable to pay RS 5,000 for late filling return.

Following person is eligible to file return on or before 31^st August 2018 for the year ending  31/03/2018.

1.       Salary Person

2.       Person having Hosue property income

3.       Person doing business but tax audit or any other audit is not required.

4.       Income from head of capital gain or Other source

Check out @IncomeTaxIndia’s Tweet: https://twitter.com/IncomeTaxIndia/status/1022480897763930112?s=08

Income Tax Return

Income Tax Return

Last date to file Income Tax return is 31^st July 2018 for salary person and other person who has not required audit under any act for year ending 31/03/2018. Other than above person last date to file ITR is 30^th September 2018 for above period. Every person who require filing Income Tax return require following documents:

For salary person (ITR Form 1):

1.       ID and password of Income Tax site

2.       Copy of PAN card

3.       Address

4.       Mobile and Email id

5.       Bank accounts number and its IFSC of all accounts

6.       Form 16

7.       Home loan certificate

8.       Income from saving accounts and Fixed Deposit

Person other than Salary Income:

1.       ID and password of Income Tax site

2.       Copy of PAN card

3.       Address

4.       Mobile and Email id

5.       Bank accounts number and its IFSC of all accounts

6.       Form 16 A

7.       Home loan certificate

8.       Income from saving accounts and Fixed Deposit

9.       Bank statements

10.   All invoice and expense related to business

11.   Nature of Business

Following amendments regarding ITR:

Reduction in filing of ITR: Income tax department has reduced time to file ITR. Now any person can file ITR at end of one year from financial year. Example for year ending 31/03/2018 assessed can file ITR only till 31/03/2019.

Income Tax Penalties:  Income Tax departments can levy fine of Rs 5,000 on any person who is filing return after due date i.e. 31^st July or 30^th September 2018. SO assessed can file return on or before 31^st July or 30yth September without any fine and till end of 31/03/2019 with fine of Rs 5,000. The penalty can be Maximum of Rs 10,000 can be levied.

Aadhar Link with PAN

Aadhar is compulsory for filing of ITR

All resident Indian is require to link Aadhar with PAN to file Income Tax return.

Income Tax return can be filed on or after 1^st July 2017 after successful link of Aadhar number with your PAN, otherwise you cannot file your return.

Data Mismatch: To link Aadhar card with PAN, person has to match all information like name, father name, address and date of birth are same on both card (PAN and Aadhar). If there is any different in above like difference in date of birth in Pan and Aadhar will not be linked. And the person will face problem in filing of return.

Correction of Data: If any person who has data change in Aadhar or PAN, is require to update in any of card and resubmit with other authority to correct data.

NRI and company assessee: This notification is not applicable on Non resident of India and Company, LLP and Firm, because they are not eligible to obtain Aadhar.

In case of filing return of company, LLP and firm, director/ partner of authorized person should link his Aadhar number with Pan otherwise return cannot be filed.

(Government notification) PRESS RELEASE as on 5^th April 2017

Mandatory Quoting of Aadhaar For PAN Applications & Filing Return of Income

Section 139AA of the Income-tax Act, 1961 as introduced by the Finance Act, 2017 provides for mandatory quoting of Aadhaar / Enrolment ID of Aadhaar application form, for filing of return of income and for making an application for allotment of Permanent Account Number with effect from 1st July, 2017.

It is clarified that such mandatory quoting of Aadhaar or Enrolment ID shall apply only to a person who is eligible to obtain Aadhaar number. As per the Aadhaar (Targeted Delivery of Financial and Other Subsidies, Benefits and Services) Act, 2016, only a resident individual is entitled to obtain Aadhaar. Resident as per the said Act means an individual who has resided in India for a period or periods amounting in all to one hundred and eighty-two days or more in the twelve months immediately preceding the date of application for enrolment. Accordingly, the requirement to quote Aadhaar as per section 139AA of the Income-tax Act shall not apply to an individual who is not a resident as per the Aadhaar Act, 2016.

It means all tax payer and tax assesee who is resident of India has to obtain Aadhar card and link with Income Tax return.  

Service Tax Return date

Extend of filing of Service Tax

Service Tax Filing return for period 1st October 2016 to 31^st March 2017 has been extended from 25^th April 2017 to 30^th April 2017 due to ACES website problem. Notification number is 1/2017 service tax.

Income Tax Return Date

Income Tax Return

Filing of Income Tax Return is last date is 31^st July 2016 for year ending 31/03/2016. Now the date is extended till 5^th August 2016 for the year ending 31/03/2016 due to strike in bank in country.

For Jammu And Kashmir State the income tax filing date is extended till 31^st August 2016 due to disturbance within state for year ending 31/003/2016.   

Link for circulor

http://incometaxindia.gov.in/news/order-extension-india-2016.pdf

Income Tax Return Forms

ITR 1 (SAHAJ) : For Individuals having Income from Salary & Interest.
ITR 2: For Individuals & HUFs not having Income from Business or Profession
ITR2A : For Individuals & HUFs not having Income from Business or Profession and Capital Gains and who do not hold foreign assets
ITR 3 : For Individuals/HUFs being partners in firms and not carrying out business or profession under any proprietorship
ITR4S: For Individuals/HUF/Partnership Firm having income from presumptive business
ITR 4: For Individuals & HUFs having income from a proprietary business or profession
ITR 5 : For persons other than,- (i) individual, (ii) HUF, (iii) company and (iv) person filing ITR-7
ITR 6: For Companies other than companies claiming exemption under section 11

ITR 7: For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4E) or 139(4F)

Dvat Return date: Delhi traders are required to file DVAT return for period of last quarter ending 31^st March 2016, on or before 25^st April 2016. Due to some difficulties in online filing return, departments had extended date from 25^th April to 15^th May 2016.

As per Circular no 5/2016, Departments has extended DVAT due date second time to file return for last quarter till 23^rd May 2016. 

Income Tax Return

Income Tax Form for year ending 31/03/2016 is available with Income Tax Departments.
http://incometaxindiaefiling.gov.in/
ITR 1 (SAHAJ) :      For Individuals having Income from Salary & Interest.
ITR 2:    For Individuals & HUFs not having Income from Business or Profession
ITR2A :    For Individuals & HUFs not having Income from Business or Profession and Capital Gains and who do not hold foreign assets
ITR 3 :  For Individuals/HUFs being partners in firms and not carrying out business or profession under any proprietorship
ITR4S:  For Individuals/HUF/Partnership Firm having income from presumptive business

Checklist for Filing ITR

Following documents are required to file return:

1. Last year Income Tax Return and its Acknowledgements

2. Photo copy of Form 16 (TDS Certificate)

3. Photo copy of PAN Card

4. Bank Details of all banks (IFS Code, Saving accounts number and Bank Name) or photocopy of cancel cheque of all bank accounts maintained by person

5. Address of employees (Address, Pin code, mail ID and Mobile number)

6. Bank Interest of all saving accounts and fixed deposit from bank statements

7. Income Tax user ID and Password

8. Aadhar number or Photo Copy of Aadhar Card

9. Saving and investments proof (PPF, Children education slip, LIC receipt, house loan repayments details etc)

There is practical problem with filing of Income Tax return before 31st May 2016, TDS will not be reflected in their 26AS statements and Income Tax departments provides tax credit in assessee accounts on basis of 26AS. So it is advisable for every assessee to file Income Tax return only after all TDS is reflected in 26AS.