THE DUE DATE FOR FILING ITR, AUDIT REPORT HAS BEEN EXTENDED BY 15 DAYS

[Dinesh Kumar]

The government on Monday extended the due date for filing of income tax return (ITR) and audit report to October 31, 2018 for certain categories of taxpayers. It is the second extension granted by the Central Board of Direct Taxes to assessees whose books of accounts have to be audited. The move came after the taxman considered representations from stakeholders, it said in its statement. The taxman had last month announced extension of the then due date of September 30 by a similar 15 days, to October 15, 2018.

However, assessees filing their return of income 'within the extended due date shall be liable for levy of interest as per provisions of section 234A of the Income-tax Act, 1961', the Central Board of Direct Taxes said in its statement on Monday. That means the liability to pay interest on account of late filing of income tax return will remain in place.

AI Summary

Government Extends Income Tax Return Deadline to October 31, 2018; Interest Charges Apply Under Section 234A The government extended the deadline for filing income tax returns (ITR) and audit reports by 15 days to October 31, 2018, for certain taxpayers, following stakeholder representations. This is the second extension from the Central Board of Direct Taxes, after a previous extension from September 30 to October 15. Despite the extension, taxpayers filing within this period will incur interest charges under section 234A of the Income-tax Act, 1961. Some forum participants expressed dissatisfaction, arguing that extending the deadline should also extend the interest liability. Others suggested the extension aims to ensure compliance without delay.