Digital Signature Certificate @ just Rs 799click on the nameINDIAN DSC SERVICES |
Highlights
- Last date for filing ITR has been extended to 15.09.2018 for all income tax assessees in Kerala for whom the deadline till now was August 31, 2018
- Extension given as a relief measure due to severe floods in the state. This year penalty is leviable on late returns
Due to disruption caused by severe floods in Kerala, the Central Board of Direct Taxes (CBDT) has extended the due date for filing income tax returns (ITR) for all income tax assessees in Kerala to September 15, 2018, as per an official release here today.
The original deadline for filing income tax returns for assessees whose returns are not liable to audit was July 31, 2018 for financial year 2017-18. This deadline was earlier extended to August 31, 2018 by the CBDT for all assessees to whom the July 31 deadline was applicable.
The extended deadline of August 31 has now been extended further for assessees in Kerala.
In a first, belated returns filed for FY2017-18 i.e. returns filed after the notified deadline will attract a penalty or late fee of upto Rs 10,000.
The Central Board of Direct Taxes (CBDT) issued an order under section 119 of the Income Tax Act today stating that due to the disruption caused due to floods in Kerala the earlier order dated 26.7.2018 was being modified to extend the ITR filing deadline for Kerela assessees to 15.9.2018.
Until last assessment year (AY) there was no penalty for filing belated income tax returns. However, this penalty is applicable from FY 2017-18 or AY 2018-19. A new section 234F was inserted by the go .
Until last assessment year (AY) there was no penalty for filing belated income tax returns. However, this penalty is applicable from FY 2017-18 or AY 2018-19. A new section 234F was inserted by the go .
Tax experts say that as per the amendments made in the Finance Act 2017, taxpayers are liable to pay a fee of Rs 5,000, if their tax return for the financial year 2017-18 is filed after the return filing deadline but before December 31, 2018. The fee payable will increase to Rs 10,000, if the tax return is filed on or after January 1, 2019. However, if the total income of the taxpayer is less than Rs 5,00,000, the fee amount shall not exceed Rs 1,000.
Clearly, the deadline for ITR filing for Kerala residents has been extended as a relief measure for the state's residents who are already battling nature's fury.
Clearly, the deadline for ITR filing for Kerala residents has been extended as a relief measure for the state's residents who are already battling nature's fury.
Thanks for the heads-up!
ReplyDeleteTax Advisor
synmac tax consultant in delhi
ReplyDeletedoing company registration in delhi,GST registration in delhi,Tax consultant in delhi..
if you have any requirement GST,ITR
click the below link...
company register in delhi
GST register in delhi
tax consultant in delhi
Thank you for taking the time to publish this information very useful! taxfyle cpa jobs
ReplyDeleteI love reading to improve my knowledge and this kind of blogs helps me to do so, Thanks.If you require about Tax consultants in delhi | Income Tax Returns Filing in delhi please click on it.
ReplyDelete