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25-Sep2018

CBDT postpones deadline for filing ITR, audit report till October 15

The Central Board of Direct Taxes (CBDT) has postponed the deadline for filing income tax returns (ITR) as well as reports of Audit to October 15, 2018, from September 30 for financial year 2017-18. It had received representations from stakeholders seeking extension of the last date for filing of returns by taxpayers whose accounts have to be audited.

However, the CBDT 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 pertaining 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.

As per CBDT data, ITR filing by salaried taxpayers and those opting for presumptive income scheme surged 71 percent to 5.42 crore till August 31. These categories of taxpayers had to furnish their ITRs for financial year 2017-18 by last month.


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