Here is a news for the individual taxpayers which can be a relief for many people who have not filed their income tax returns yet!
The central board of direct taxes took the decision on 26- 07- 18 and announced that the last date for filing individual income tax has been extended from 31st July 2018 to 31st August 2018.
Why You Should File an Income Tax Return Even If Your Income is Not Taxable
This was announced in a tweet by the Finance Ministry saying-“Upon considering of the matter, the central board of direct taxes (CBDT) extends the due date for filing of Income tax returns from 31st July 2018 to 31st Aug. 2018 in returns of the said categories of the taxpayers.”
As per the amendment, if an individual fails to file his/her income tax return for the financial year 2017-18 within the deadline but files it before December 31st, 2018, they have to pay a late fine of RS. 5000, and if they file it after December 31st, 2018 they have to pay Rs. 10,000. But in case the annual income of the taxpayer is less than Rs. 5, 00,000 the fee which they need to pay will not be more than Rs.1000.
