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26th July, 2018 will definitely become a date to remember. As of today, the Minister of Finance announced the extension of ITR deadline from 31st July to 31st August.
The Ministry of Finance tweeted, Upon consideration of the matter, the Central Board of Direct Taxes (CBDT) extends the Due Date for filing of Income Tax Returns from 31st July, 2018 to 31st August, 2018 in respect of the said categories of taxpayers.
Now the confusion faced by taxpayers is related to the categories of taxpayers. From the tweet of Finance Minister, it can be inferred that the said category means assessees who are required to file their income tax return by 31st July, 2018.
The Finance Minister also shared the link for official press announcement. Click here to view the live update of announcement.
Tax2win is giving latest live update on ITR deadline extension. Keep following for regular information.
The Income Tax Department also made the following tweet. See the live update screenshot below.
Looking at the first time applicability of Sec 234F late filing penalty up to ?5000. This ITR deadline extension will surely bring a huge sigh of relief from all the taxpayers.
Keep following for live update on ITR deadline extension.
For filing Income Tax Return, knowledge of correct ITR form is very important. The various types of ITR forms are as follows:
| ITR Form | To Whom Applicable | Sources Of Income |
|---|---|---|
| ITR-1 (Sahaj Form) | Resident Individual |
Salary/Pension Income Income from One House Property (excluding any brought-forward losses) Income from Other Sources (excluding lottery income, racehorse income, income taxable u/s 115BBDA or 115BBE) However, the Aggregate Income can be Upto Rs 50 lacs only. |
| ITR-2 |
Resident Individual, Non-Resident Individual, Not Ordinarily Resident Individual, HUF. Not having any income under Business or Profession |
Salary Income, Income from more than One House Property, Income from Capital Gains, Other Sources income (horse race income etc) Agriculture Income Can use even Aggregate Income exceeds Rs 50 lacs. |
| ITR-3 |
Individual, HUF |
Income from Business or Profession including profits from partnership business. |
| ITR-4 (Sugam) | Opted for Presumptive Taxation Scheme | Section 44AD/ 44ADA/ 44AE |
| ITR-5 |
LLP, AOP, BOI, Artificial Person u/s 2(31)(vii), Co-operative Society, Local Authority |
Not applicable to person who file return u/s 139(4A), (4B), (4C), (4D), (4E) & (4F). |
| ITR-6 | Company | Not applicable to company claiming exemption u/s 11 (i.e. charitable/ religious trust). |
| ITR-7 | Person who file return u/s 139(4A), (4B), (4C), (4D), (4E) & (4F) | |
| ITR-V | All | Acknowledgement of filing the return of income. |
Select the relevant form applicable on you & file Income Tax Return now. Live status of ITR deadline extension right here, right now.
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