Income Tax Return Filing Date Extended From September 30 to October 31

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The Finance Ministry in a tweet said, "Due-date for filing Income Tax Returns & various reports of audit prescribed under the IT Act, 1961 has been extended to October 31, 2017."

This implies taxpayers who were required to file ITR as well as audit report for the FY 2016-17 by September 30 have now got one month's extra time. Nonetheless, you need to quote your Aadhaar number while filing ITR. The extension of ITR filing deadline has been notified by the MoF on Thursday.

Income Tax Return Filing Date Extended From September 30 to October 31

Do's and Dont's to remember while filing ITR

Form 16 and Form 26 AS are crucial documents which aid in filing ITR. Both the forms need to be cross verified.

For getting refund, you need to provide your bank account number along with the IFSC code. Additionally, other bank account details which is currently operational is also to be specified.

NRIs need to give in their foreign bank account details for the refund purpose.

Also, as advised by the authorities, do not forget to specify cash deposit details during the period of demonetisation. The details are required to be mentioned in case the cash deposits are to the tune of or more than Rs. 2 lakhs.

In case you miss the deadline for filing ITR, the fine shall be charged in accordance with the section 234F and will depend on the time of delay in filing ITR. In case taxes are paid after the deadline but before December 31 then a penalty of Rs. 5000 shall be levied. Again if you miss December 31st then a penalty of Rs. 10000 shall be charged from the defaulter.

Goodreturns.in

Story first published: Saturday, September 2, 2017, 15:01 [IST]
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