AY 2018-19, Extension of income tax timeline -31 Aug 2018

Hurray !! Extension of income tax timeline from 31st July 2018 to 31st August 2018

Those who could not file return by 31st July 2018 or awaiting some information has a good news, CBDT at the request letter written by ICAI has extended the timeline by one month. This means date of filing income tax return under section 139 (1) is 31st Aug 2018 now.

What if you have tax liability to be paid ?

Assesse who are having tax liability under the income tax should pay their dues within July 2018 itself else you have to pay additional interest under section 234B and 234C @1 % for August 2018 month.

Is it okay if I file late ?

1. Yes, so long you are happy paying extra money to the government in the form of interest and penalty
2. Rest all provisions remain same for non-filing of income tax return under section 139(1).
3. Refer Previous post to understand more on this.

How I can file Income tax return ?

1. You can file your income tax return (ITR) either using online portal, which is an easy way of filing the return. You can also file ITR by uploading the .xml ITR format 
2. For doing online filing of income tax return, first login to your account by clicking Registered User Login link and then fill online return. But here ensure all details are reviewed by you before it is e-validated or submitted by you.
3. If you want to fill an excel format, do click ITR form link to download filing form applicable to you. After downloading fill the excel form and upload back to Income tax website after you review it.

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