ITR Deadline Extended Till 31st August


(Last Updated On: July 27, 2018)

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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Happy Filing 🙂

Author


Team Tax2Win