? Cool Title, but what’s the news?
The government on Thursday extended the last date of filing Income Tax returns (ITRs) from July 31 to August 31 for the assessment year (AY) 2018-19.
? Okay, but what does it mean?
If an individual fails to file ITR on time, a penalty of Rs 5,000 will be levied if the return is furnished before December 31. And, the late fee will be Rs 10,000 if the return is filed after December 31.
? Why should I care?
The majority of the taxpayers including the salaried class that forms the major chunk of the middle class confront 31 July as the last date for filing their income tax returns. Therefore relaxation by one full calendar month is a huge relief and climb-down by the government.