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Tax Dept Likely To Extend Deadline For Income Tax Return Filing Beyond July 31

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Due to a slew of modifications in ITR forms, TDS certificate or Form 16 issued by the employers as well as TDS returns filed by employers with the department of tax, it is highly anticipated that the department this time around given the hassles taxpayers and employers are confronting owing to the changes, may grant some more time for filing of income tax return for the assessment year 2019-20. For the income earned in FY 2018-19, the last date of filing ITR is July 31.

Tax Dept Likely To Extend Deadline For Income Tax Return Filing
 

In a usual case also, if the taxpayers confront some difficulty, the department extends the due date of filing return by some days while for other taxpayers in states afflicted due to some natural calamity, a major relief is offered by way of a longer extension.

In the TDS certificate i.e. Form 16 issued by employers to their employee, as part of the changes notified in April this year, employers are required to give the break-up of tax-exempt payments. Also, there has been a modification in respect of Form 24Q or TDS return form i.e. to be filed by employers with the tax department and will include breakup of gross salary in terms of value of perquisites and profits in lieu of salary. Further, the different deductions claimed and bifurcation of tax-exempt payment has to be mentioned.

Survey points to discomfort in filing ITR by the due date

Local Circles, a community social media platform, conducted a survey of more than 10,000 people across 146 locations in the country. And the survey report released on Friday pointed out at the discomfort in filing return by the deadline i.e. July 31. The survey outcome highlighted in leading business dailies report suggests that 39% of more than 7800 assessees who answered a query on Form 16 said they have not yet received the TDS certificate from their employer so far.

 

Also, it revealed that 49% of more than 8,000 citizens who answered as to how prepared they are to file income tax return before the due date, either the answer came in as it is almost impossible to file the return by the due date or it would be an effort filing the return before the due date. Notably, around 28% of the people answered that it was almost impossible.

GoodReturns.in

Story first published: Monday, July 15, 2019, 11:28 [IST]
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