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Thursday, July 26, 2018

Assessment Year 2018-19 ITR filing deadline extended by one month to 31 August

The income tax department on Thursday July 26,2018  extended the last date for filing income tax returns (ITR) by a month.

The due date for ITR filing has been extended to 31 August from 31 July, 2018 the income tax department said in a statement. This will come as relief for taxpayers who are yet to file their income tax returns.

From this year, according to a budget provision,late ITR filing  could attract a penalty of up to ₹ 10,000.

A penalty of ₹ 5,000 will be levied if the return is filed after the due date but before 31 December.

The penalty will be ₹ 10,000 after 31 December. However, if the taxpayer’s income is less than ₹ 5 lakh, the maximum penalty levied is capped at ₹ 1,000.

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