News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
News Headlines »
 NRIs need to file income tax return to get TDS refund
 Filing out a tax return for the first time? Here are seven important tips
 What is the last date to file ITR?
 A step-by-step guide to filling salary details in your income tax return
 Companies (Incorporation) Sixth Amendment Rules, 2019
 Five things you should know about Income Tax Salaried employee
 How to get tax e-refund
 Know the correct income tax return form applicable to you for FY 2018-19
 How to report tax-exempt incomes in ITR-1
 Govt may extend Income Tax Returns Deadline
 What you should know about ITR-1 Income Tax Returns
 CBDT extends last date for employers to issue Form 16
 Income Tax dept extends deadline for employers to issue Form 16 to employees till July 10
 Here's how you file your tax returns
 Know who needs to file ITR-1, who don't Income Tax Return

Govt may extend Income Tax Returns Deadline
June, 07th 2019

In the light of recent changes introduced in the Form 16, the Salary TDS Certificate, and Form 24Q (Salary TDS Return), the Government is likely to extend the due date for filing the income tax returns for this year.

“The CBDT has extended the due date of filing of Form 24Q, i.e., TDS return in respect of salary for the financial year 2018-19 from May 31, 2019 to June 30, 2019,” Naveen Wadhwa, chartered accountant and manager, Taxmann, told The Economic Times. He added that the due date was extended considering the latest changes made by the tax department in Form 24Q and to redress genuine hardship of employers in timely filing of TDS return in revised format of Form 24Q.

Recently, the Central Board of Direct Taxes (CBDT), the apex direct tax body, had also recently issued a notification extending the deadline for employers to issue Form 16 to their employees. Since the latter was extended to June 30, the due date of issue of Form 16 has also been extended by 10 days to July 10.

Due to the above recent changes, the employees would only get 21 days to file their returns which may not be time enough for many tax payers. Considering this, the Government may postpone the due date. From last year, the late filing of the ITR now incurs a maximum penalty of Rs 10,000.

In order to align the TDS certificate format with recently notified ITR forms applicable for assessment year 2019-20, in April the CBDT had notified the Income-Tax (3rd Amendment) Rules, 2019, to introduce changes in Form 16 and Form 24Q with effect from May 12, 2019.

Recently, the income tax department has also made it mandatory for the employer to download and issue Part-B of Form-16 from the TRACES portal only.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2019 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Careers

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions