LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » Personal Finance News

Income Tax Return: You can save Rs 150,000! Here's why audit, filing deadline is important

Income Tax Return: The government of India recently extended the deadline for filing income tax returns and the audit report for financial year 2017-18 to October 15. 

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Income Tax Return: You can save Rs 150,000! Here's why audit, filing deadline is important
Over 5.29 crore income tax returns were filed by individuals before the end of their deadline on August 31. Representational Image/Pixabay
Written By: Rajeev Kumar
Updated: Tue, Oct 30, 2018
02:46 pm
New Delhi, ZeeBiz WebDesk
RELATED NEWS
ITR e-verification: Do this to e-verify your Income Tax return using Aadhaar card  ITR e-verification: Do this to e-verify your Income Tax return using Aadhaar card
7th Pay Commission latest news today: Central government employees alert! This premium is part of your allowance 7th Pay Commission latest news today: Central government employees alert! This premium is part of your allowance
7th Pay Commission latest news: Big news for Central government employees - New window opened to save money 7th Pay Commission latest news: Big news for Central government employees - New window opened to save money
PAN Aadhaar Link Online Last Date: This will happen if you don't do what Income Tax dept has said! Do now via SMS PAN Aadhaar Link Online Last Date: This will happen if you don't do what Income Tax dept has said! Do now via SMS
PF Tax Rules: Check EPFO rules that will affect your EPF, Provident Fund contribution from 1st April this year PF Tax Rules: Check EPFO rules that will affect your EPF, Provident Fund contribution from 1st April this year

Income Tax Return: The government of India recently extended the deadline for filing income tax returns and the audit report for financial year 2017-18 to October 15. The decision was taken by CBDT after it received representations from stakeholders seeking extension of the last date for filing of income tax returns by taxpayers whose accounts had to be audited. 

In a statement, CBDT had said, "The Central Board of Direct Taxes extends the due date for filing of ITRs as well as reports of audit, which were needed to be filed by the said specified date, from Sept. 30, 2018 to Oct. 15, 2018 in respect of the said categories of taxpayers." The statement further said that there shall be no extension of the due date for the purpose of section 234A (Explanation 1) of the I-T Act, 1961.

Section 234A (Explanation 1) of the I-T Act, 1961 pertains to interest for defaults in furnishing return, and the assessee shall remain liable for payment of interest as per provisions of section 234A of the act, it added.

Why October 31 deadline is important

According to Nazali Ansari, Tax Associate, TASS Advisors LLP, failing to file tax before the deadline will result in penalties up to Rs 1,50,000, or Rs 0.5% of the total turnover. 

"The deadline to file income tax return for corporate/individual assesses who are required to get their accounts audited under the Income Tax provisions is extended until 31 October for Assessment Year 2018-19. It is important to file the return along with the tax audit report before the due date to avoid any interest and penalty provisions to be triggered," Ansari told Zeebiz.com.

"Non filing of tax audit report by 31 October shall trigger significant penalties amounting to Rs. 150,000/- or 0.5% of gross turnover whichever is lower.  However, where the taxpayer is subject to transfer pricing provisions (on account of related party transactions), the due date is 30 November 2018," he added. 

According to a CBDT data released earlier, over 5.29 crore income tax returns were filed by individuals before the end of their deadline on August 31. This was 60 per cent more than the previous year. Officials said that the Income Tax Department received over 22 lakh returns, largely over the online or e-filing mode, in a single day today till 7 pm.

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Income tax
RELATED NEWS
ITR e-verification: Do this to e-verify your Income Tax return using Aadhaar card  ITR e-verification: Do this to e-verify your Income Tax return using Aadhaar card
7th Pay Commission latest news today: Central government employees alert! This premium is part of your allowance 7th Pay Commission latest news today: Central government employees alert! This premium is part of your allowance
7th Pay Commission latest news: Big news for Central government employees - New window opened to save money 7th Pay Commission latest news: Big news for Central government employees - New window opened to save money
PAN Aadhaar Link Online Last Date: This will happen if you don't do what Income Tax dept has said! Do now via SMS PAN Aadhaar Link Online Last Date: This will happen if you don't do what Income Tax dept has said! Do now via SMS
PF Tax Rules: Check EPFO rules that will affect your EPF, Provident Fund contribution from 1st April this year PF Tax Rules: Check EPFO rules that will affect your EPF, Provident Fund contribution from 1st April this year

LATEST NEWS

EaseMyTrip IPO: Public issue opening on Monday! Listing gain, important dates, price band to other details; all that you must know before bid

SBI preferred - Morgan Stanley upgrades Bank of Baroda, Punjab National Bank, Bank of India, Canara Bank

Stocks in Focus on March 5: Heranba Industries, MTAR Technologies Fertilizer Stocks, MAX Healthcare to WIPRO; here are the 5 Newsmakers of the Day

Rakesh Jhunjhunwala picked Tata Motors for his portfolio during Covid Pandemic II Reasons Highlighted

Singer Shreya Ghoshal, husband Shiladitya expecting first child; share baby name with fans

UGC NET 2021: Candidates don't miss this, last date to apply online extended: Check website link and all other details!

UPSC notification 2021: 10 things you need to know for appearing in the UPSC CSE Prelims 2021 civil services exam - Candidates don't miss

Indian Army conduct basketball, wushu competitions for youth in Jammu and Kashmir's Budgam

Xiaomi Redmi Note 10, Redmi Note 10 Pro, Redmi Note 10 Pro Max launched in India | Check Price, Specs, Massive Camera and more

IRCTC Share Price: This Multibagger stock soars to near life-time highs! You can make money from it too, check what experts said

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved