Good news! Finance Ministry extends deadline, file Income Tax Returns till October 31st

In what can be termed as a huge relief for many taxpayers, the Finance Ministry has extended the deadline for filing Income Tax Returns till October 31st.

Earlier, the last date of for filing IT returns and Audit Reports was September 30th.

The Finance Ministry made this announcement on Twitter on Thursday night.

Due-date for filing Income Tax Returns & various reports of audit prescribed under the IT Act,1961 has been extended to October 31, 2017.

— Ministry of Finance (@FinMinIndia) August 31, 2017

According to media reports, all those filing their IT returns have to quote their Aadhaar number or Aadhaar enrolment number.

Another important thing to keep in mind is to get hold of their Form 16. The form is given by all employers.

All taxpayers are expected to disclose about any unaccounted or unexplained income at the time of filing ITR.

This year, you also have to explain about cash deposited in your account during the period of November 11 to December 30.

One must make sure that the ITR is compliant with amount deposited in bank accounts during the period of demonetisation, a Business Today report said.

Filing Income Tax Returns is a mandatory exercise for anyone who has gross total income exceeding the taxable limit.

In case you don't file the ITR within the deadline, there are consequences. According to ClearTax, if there are any taxes which are unpaid, penal interest at 1 per cent per month or part thereof will be charged till the date of payment of taxes .Also penalty of Rs 5,000 may be charged. The penalty is not levied in all cases and depends upon the circumstances of the case.