When the taxpayers were busy filing their Income Tax Return for the Financial Year 2017-18, the Government gave the good news to all the taxpayers as the last date to file Income Tax Return extended from 31st July 2018 to 31st August 2018.
The last date to file Income Tax Return extended due to some technical as well as practical issues that taxpayers were facing while filing Income Tax Return for the Financial Year 2017-18. The Central Board of Direct Taxes gave out a circular on 26th July 2018, stating that the last date to file Income Tax Return for the Financial Year 2017-18 has extended to 31st August 2018 from 31st July 2018, here are the most speculated reasons for this development.
- Form 26AS is a tax statement that a taxpayer can download from the Income Tax Department’s official e-filing portal. The time line for submission of TDS statements for the last quarter of the financial year was 31st May 2018 and the last date for the tax deductor to provide Form 16 was 15th June 2018. Mostly the taxpayer who receives his/her Form 16 late, they can consider their Form 26AS while filing their ITR. It may also be informed that most taxpayers did not get their Form 16 and 16A on time due to late issuance of the same by the tax deductor which may have led to a delay in the filing of the ITR.
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- The ITR Forms for the Financial Year 2017-18 were notified in the first week of April 2018, the utilities that are required to file Income Tax Return were released quite early, but some of the major updates in the ITR Forms 2, 3 and 7 came in to being on July 7, 2018 and the form ITR 5 was last updated on July 13, 2018. This could also be the major reason for the extension of the due date.
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