To common man's relief, the income tax department has extended the last date for filing tax returns by one month. The deadline for income tax return filing has been pushed to August 31, the Central Board of Direct Taxes (CBDT) said on Thursday.
To common man's relief, the income tax department has extended the last date for filing tax returns by one month. The deadline for income tax return filing has been pushed to August 31, the Central Board of Direct Taxes (CBDT) said on Thursday.
"Upon consideration of the matter, the Central Board of Direct Taxes (CBDT) extends the 'Due Date' for the filing of Income Tax Returns from 31st July 2018 to 31st August 2018 in respect of the said categories of taxpayers," the Ministry of Finance tweeted.
Following the extension, Union Finance Minister Piyush Goyal urged citizens to avoid delaying tax payment and fulfil their duty as a law-abiding citizen.
"The last date for submission of income tax has been extended from 31st July to 31st August 2018, I request every taxpayer to submit their income tax by the due date, fulfil their duty as a law-abiding citizen and contribute in the nation building," he tweeted.
The initial deadline for filing tax returns was July 31.
Below we have listed out various forms you need to form according to your tax slab:
ITR - 1 also known as SAHAJ is applicable to an individual having salary or pension income or income from one house property (not a case of brought forward loss) or income from other sources (not being lottery winnings and income from race horses, income taxable under section 115BBDA or income reffered in section 115BBDA).
ITR - 2 is applicable to an individual or an Hindu Undivided Family who is not eligible to file Sahaj ITR-1 and whose income chargeable to income-tax under the head “Profits or gains of business or profession” is in the nature of interest, salary, bonus, commission or remuneration, by whatever name called, due to, or received by him from a partnership firm.
ITR - 3 is applicable to an individual or a Hindu Undivided Family who is carrying on a proprietory business or profession.
ITR - 4 also known as SUGAM is applicable to individuals or Hindu Undivided Family or partnership firm (other than limited liability partnership firm) who have opted for the presumptive taxation scheme of section 44AD/ 44ADA/44AE.
ITR - 5: This Form can be used by a person being a firm, LLP, AOP, BOI, artificial juridical person referred to in section 2(31)(vii), co-operative society and local authority. However, a person who is required to file the return of income under section 139(4A) or 139(4B) or 139(4C) or 139(4D) or section 139(4E) or section 139(4F) shall not use this form (i.e., trusts, political parties, institutions, colleges, investment fund etc.)
ITR - 6 is applicable to a company, other than a company claiming exemption under section 11 (exemption under section 11 can be claimed by charitable/religious trust).
ITR - 7 is applicable to a persons including companies who are required to furnish return under section 139(4A) or 139(4B) or 139(4C) or 139(4D) or section 139(4E) or section 139(4F) (i.e., trusts, political parties, institutions, colleges, investment fund, etc.).
ITR - V It is the acknowledgement of filing the return of income.
How can you file ITR?
ITR can be filed with the Income-tax Department in any of the following ways, -
(i) by furnishing the return in a paper form;
(ii) by furnishing the return electronically under digital signature;
(iii) by transmitting the data in the return electronically under electronic verification code;
(iv) by transmitting the data in the return electronically and thereafter submitting the verification of the return in Return Form ITR-V;
What are the benefits of e-filing ITR?
E-filing can be done from any place at any time and it saves time and efforts. It is simple, easy and faster. The e-filed returns are generally processed faster as compared to returns filed manually.
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 "Good News: Deadline for filing ITR extended to August 31, all you need to know")
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