Order under Section 119 of the Income-tax Act, 1961

Extension of due date for filing of ITRs for the A.Y 2019-20 from 31st July, 2019 to 31st August, 2019

F. No. 225/157/2019/ ITA.II
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes

North-Block, ITA-II Division
New Delhi, the 23rd of July, 2019

Order under Section 119 of the Income-tax Act, 1961

The ‘due-date’ for filing income-tax returns for Assessment-Year 2019-20 is 31.07.2019 for certain categories of taxpayers. It has been reported that some of the taxpayers are facing difficulties in filing their income- tax returns due to various reasons including extension of due date for issue of Form 16 for the Assessment-Year 2019-20.

In this regard, the Central Board of Direct Taxes, in exercise of its powers conferred under section 119 of the Income-tax Act, 1961 (‘Act’), hereby extends the ‘due-date’, as prescribed under section 139(1) of the Act, for filing income-tax returns from 31st July, 2019 to 31st August, 2019 in cases of all taxpayers who are liable to file their income-tax returns by the said ‘due-date’.

sd/-
(Rajarajeswari R.)
Under Secretary to the Government of India

Source: Income tax India

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The Income Tax department has revised Form 16 by adding various details, including income from house property and remuneration received from other employers, thereby making it more comprehensive to help check tax avoidance.

It will also include segregated information regarding deductions under various tax saving schemes, investments in tax savings instruments, different allowances received by the employee as well as income from other sources.

Form 16 is a certificate issued by employers, giving details of employees’ TDS (tax deducted at source) usually by mid June and is used in filing I-T returns.

The revised Form, which has been notified by the Income Tax department, will come into effect from May 12, 2019. This means the income tax returns for financial year 2018-19 will have to be filed on the basis of revised Form 16.

Among other things, the revised Form 16 will also include details of deductions in respect of interest on deposits in savings account, and rebates and surcharge, wherever applicable.

The I-T department has already notified income tax return forms for fiscal 2018-19. Salaried class and those who do not have to get their accounts audited, will have to file their ITRs by July 31 this year.

Meanwhile, the income tax department has also modified Form 24Q, which is furnished by employer to the tax department. It will include additional details like Permanent Account Number (PAN) of non-institutional entities from whom the employee has taken loan for buying or constructing housing property.

Nangia Advisors (Andersen Global) Director Sanjoli Maheshwari said the Form 16 and 24Q have been amended with an intent to make them more elaborative and informative. The same has been done in order to bring the Forms in parity with latest changes made in ITR Forms such as disclosure of standard deduction and exemptions claimed under section 10.

“Earlier, where the disclosure of various deductions were mentioned in a consolidated manner, ranging from 80C, 80CCD, 80E, 80G would now be required to be disclosed separately. These specific disclosures would provide ease to the tax authorities in understanding the various components of income of the taxpayer and thereby, facilitating the conduct of scrutiny more precisely,” Maheshwari said.

The changes in Form 24Q will further help in identifying any fabricated transaction undertaken with an aim of tax avoidance, she added.

PTI

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CIRCULAR No.4/2018

F.No.370889/25/2018
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes

New Delhi, Dated 21st July, 2018

This Circular is issued in pursuant to 139(1) of the Tax Act, 1961 is to clarify that rumors spreading across in media regarding extension in due date for non-tax audit is fake and no such plans to extend this deadline beyond 31st July, 2018. The department already received over 1 crore returns filed electronically.

As per Section 234F of the Income Tax Act, from 1st April 2018, the penalty for late filing income tax return would be as

(a) five thousand rupees, if the return is furnished on or the 31st day of December of the assessment year;

(b) ten thousand rupees in any other case:

Provided further that if the total income of the person not exceed five lakh rupees, the fee payable under this section shall not exceed one thousand rupees. Therefore, the assessees are hereby asked to file their ITRs before the due date to avoid the penalty.

(Sanyam Suresh Joshi)

DCIT, CBDT

Source: Confederation

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