Failure to disclose assets held abroad or income earned on foreign shores in the ITR can attract a penalty of Rs 10 lakh under the anti-black money law, the Income-Tax (I-T) Department cautioned taxpayers on Sunday.
As the deadline for filing the Income Tax Returns (ITR) has passed (July 31), and the government has given no…
For the taxpayers with taxable income less than Rs 5 lakh per annum, a penalty of Rs 1,000 has to be paid.
The CBDT said the deadlines have been extended in order to "provide more time to taxpayers for furnishing”.
The return filing utility after incorporating necessary changes shall be made available by 31st May 2020 to avail benefits for FY 2019-20, CBDT said.
The Central Board of Direct Taxes has extended the deadline in view of some taxpayers facing difficulties in filing their ITR due to various reasons including the extension of due date for issue of Form 16
Users can simply upload images or PDFs of their Form-16 and other documents, after which the system auto-reads the inputs and the forms are filled automatically making it easy to file your ITR on the go.
The due date for Income Tax Return for the year ending 31st March, 2018 is JULY 31, 2018. If the same is not filed before due date, it can be filed along with the penalty.
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