Good news for taxpayers as government extends due date for filing IT return; Check deadline

Central Board of Direct Taxes (CBDT) stated that the due date for filling income tax returns (ITRs) and audit reports has been further extended to October 31, 2018.

The assessees filing their return of income within the extended due date shall be liable for levy of interest. (Image: PTI)

New Delhi: A recent notification released by the Central Board of Direct Taxes (CBDT) stated that the due date for filling income tax returns (ITRs) and audit reports has been further extended to October 31, 2018. This is for the second time that Income Tax department has further extended the deadline for return filing of those whose account books have to be audited. Earlier on September 25, the CBDT extended deadline for submission of tax return and audit report till October 15 from September 30. Announcing the extension in deadline, CBDT in its statement said, “Upon consideration of representations from various stakeholders, CBDT further extends the ‘due date’ for filing of Income Tax Returns as well as reports of Audit from October 15, 2018 to October 31, 2018.” The assessees filing their return of income within the extended due date shall be liable for levy of interest, the statement added further. Audit is a systematic and independent review of accounts, statutory records and documents of an organisation to ascertain how far the financial statements as well as non-financial disclosures present are true and in fair view of the concern. It is been said that the dates have been further extended keeping in mind that the filers now have to provide detailed related to the goods and service tax (GST) and thus they would need more time given that this is the first year for the IT department after the new tax regime was announced. Several tax practitioners had petitioned the board seeking an extension in deadline. Besides, around 2.09 lakh people categorised as 'non-filers' filed their ITRs this time and paid taxes worth Rs 6,416 crore, news agency PTI had reported earlier. This was implemented following IT department's notice to more than 3 lakh people who deposited over Rs 10 lakh cash post demonetisation but had not filed their return of income till the due date.