CBDT Extends Due Date For Filing Of Income Tax Returns

The due date for filing of Income tax returns by tax payers whose accounts are required to be audited under the Income Tax Act is the 30th September of the following year, the CBDT said.

The tax payers whose business receipts exceed Rs 1 crore or professional receipts exceed Rs 25 lakh during the previous year 2015-16 are required to file an Income Tax return accompanied by an audit report by the above mentioned due date.

"However, taking into consideration that the last date for making declarations under the Income Declaration Scheme 2016 is also 30th September, 2016, the Central Board of Direct Taxes has decided to extend the last date for such returns which were due on 30th September, 2016 to 17th October, 2016 in order to remove inconvenience and to facilitate ease of compliance", added further.

The RBI said that under IDS, individuals can pay tax by cash in a bank and no enquiry will be made regarding the same. IDS came into effect on June 1 and closes on 30th September, 2016.

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