Almost all of us are well aware of the excruciating conditions in the Indian State of Kerala. This year floods have hit Kerala real hard and the people are struggling to collect themselves and move on in their respective lives. Keeping the present condition of Kerala in mind, the Central Board of Direct Taxes has extended the last date to file ITR for the Financial Year 2017-18 to 15th September 2018, this extension is only applicable to those who belong to the Indian State of Kerala.
The Central Board of Direct Taxes had already extended the date to file ITR for the Financial Year 2017-18 from 31st July 2018 to 31st August 2018. This one-month extension has come as a breather for many taxpayers who were not in the appropriate conditions to file ITR.
The Central Board of Direct Taxes has issued a letter under section 119 of the Income Tax Act, which states that, due to the disruption caused due to floods in Kerala the earlier order dated 26.7.2018 was being modified to extend the ITR filing deadline for Kerala assessees to 15.9.2018.
Until the last Assessment Year there was no penalty for the late filing of the Income Tax Return, but from Financial Year 2017-18 that is same as Assessment Year 2018-19, there is a hefty penalty for the late filing of Income Tax Return, as per the new section 234F of the Income Tax Act. As per this section, a taxpayer will have to pay a penalty of Rs. 1000, Rs. 5000 and Rs. 10,000 depending on the amount of delay they have done while filing ITR.
Filing ITR is important and every individual who has income, must pay the Income Tax and file Income Tax Return within the stipulated time, well this may a major reason behind the extension of the due date.