Government extends deadline for filing ITR, audit report to October 31

The Centre on Monday once again extended the deadline for filing Income Tax return (ITR) and audit report for financial year 2017-18 to October 31, giving a breather to those who are yet to file their ITR.

Earlier, the Central Board of Direct Taxes (CBDT) had extended the deadline for tax payers whose accounts have to be audited from September 30 to October 15.

"Upon consideration of representations from various stakeholders, CBDT further extends the 'due date' for filing of Income Tax Returns as well as reports of Audit from 15th October, 2018 to 31st October, 2018 in respect of the said categories of taxpayers," the CBDT said in a statement.

The CBDT had notified the new income tax return forms for assessment year 2018-19 on April 5. Experts said the introduction of new forms was leading to delays in filing of returns.

The CBDT had said non-filing of ITR before the due date from this assessment year would lead to a penalty of Rs 1,000, 5,000 and Rs 10,000, depending on when the returns were filed after the deadline. The fine for taxpayers having income under Rs 5 lakh remained at Rs 1,000.

(With PTI inputs)