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News Details

03

Jun - 2019

Govt may have to extend ITR filing deadline for FY18-19; extends Form 16 issue date to July 10

The government may have to extend the due date for filing income tax returns this year. The normal due date or deadline for filing ITRs by individuals is July 31. This is because the Central Board of Direct Taxes (CBDT) has just issued a notification extending the deadline for employers to file their TDS returns and also to issue Form 16 to employees to June 30th and July 10th respectively.

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If employees get their Form 16 by July 10th it leaves very little time for thousands of taxpayers to file their returns if the deadline for filing of ITRs remains July 31 – only 21 days. Also, remember that since last year a penalty is payable for filing ITR after due date. Therefore, following this move of the CBDT, the extension of the due date for filing ITRs for individuals may well get extended too. 

The due date for filing of ITRs for individuals has been extended in earlier years too for various reasons including giving more time for PAN-Aadhaar linking, income tax e-filing website going down due to heavy rush etc. Given that now there will be very little time for the salaried to file their returns this year, there are likely to be several requests from various quarters urging the government to give more time to file the ITRs. 

The CBDT has issued a notification to amend the Form 24Q and Form 16 (TDS certificate in respect of salary income) with effect from May 12, 2019. As per the new format, every employer is required to report the detailed break-up of salary, exempt allowances and deductions claimed and allowed to an employee. 

Form-16 is an important TDS certificate, which is issued by your employer providing details of the total income paid to you and taxes deducted on it. It consists of two parts – Part A and Part B. Part-A consist of details of the taxes deducted by your employer during the financial year while Part-B has a break-up of gross salary details, i.e. tax-exempt allowances, perquisites, tax-saving deductions and so on. 

 

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