The Ministry of Finance announced an extension in the deadline for filing Income Tax Returns (ITR) for Assessment Year 2018-19.
Here are the details:
1. The due date for filing of Income Tax Returns for Assessment Year 2018-19 is July 31 for certain categories of taxpayers.
2. Upon consideration of the matter, the Central Board of Direct Taxes (CBDT) extended the ‘due date’ for filing of Income Tax Returns from July 31 to August 31 in respect of the said categories of taxpayers.
3. The CBDT had notified the new ITR forms for 2018-19 on April 5.
4. Tax-payers will be fined for non-filing of ITR before the due date. The penalty amount will be Rs 1,000, 5,000 and Rs 10,000, depending on when the ITRs were filed post the deadline.
5. Taxpayers whose income are under Rs 5 lakh a year will be fined Rs 1,000.
6. Taxpayers can file their returns by choosing their required ITR forms.
7. Any Indian resident, whose income comes from his salary, one house property and other sources, not exceeding Rs. 50 lakh a year, can opt for ITR 1 Sahaj form.
8. Any individual with income is over Rs. 50 lakh annually or has foreign asset/income or more than one residential property or income from capital gain or Hindu Undivided Family (HUF) has to file ITR-2 form.
9. ITR-3 form is for people and HUFs, whose source of income comes from business, along with salaries or house property or capital gain, among other sources.
10. Resident taxpayers, including individual, HUF, firm other than Limited Liability Partnership (LLP), who went for presumptive income scheme under sections 44AD, 44ADA and 44AE of the Income Tax Act, 1961, can go with ITR-4 Sugam form.
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11. ITR-5 form is to be filled up by any taxpayer, including firm, LLPs, Association of Person (AOP)/Body of Individuals (BOI), private discretionary trust, artificial juridical person referred to in section 2(31)(vii), cooperative society and local authority.
12. Companies go with ITR-6 form, to claim exemption under section 11 of the Income Tax Act.
13. ITR-7 form is filled up by those individuals or companies who fall under section 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4E) or 139(4F). Mostly, trusts go for this form to seek exemptions under section 11 of the Act.