Deadline for filing income tax returns extended till 31 August

The Central Board of Direct Taxes (CBDT) has extended the ‘due date’ for filing of income tax returns for certain categories of taxpayers from 31 July 2018 to 31 August 2018.

For certain other categories of taxpayers, CBDT had fixed the due date for filing of income tax returns for assessment year 2018-19 as 31 July 2018.
The decision comes after several groups requested the government to push the deadline further.
CBDT had also, on 5 April, notified the new income tax return forms for assessment year 2018-19, which, according to experts, was leading to delays in filing of returns.
Further, the CBDT said non-filing of ITR before the due date from this assessment year would lead to a penalty of Rs1,000, Rs5,000 and Rs 10,000, depending on when the returns were filed after the deadline. The fine for taxpayers having income under Rs5 lakh remains at Rs1,000.
The various I-T return forms applicable to various categories of taxpayers are:
ITR 1 Sahaj: Applicable to individuals who are an ordinary resident in India deriving income from salaries, one house property, other sources and having total income up to Rs50 lakh;
ITR 2: Applicable to any individual having total income exceeding Rs50 lakh or having foreign asset/income or having more than one residential house property or income from capital gain or HUF;
ITR-3: Applicable to individuals and HUFs deriving income from profits and gains from business or profession along-with any income from salaries or house property or capital gains or other sources;
ITR-4 SUGAM: Applicable for resident taxpayers (Individual, HUF, firm other than LLP), who have opted for presumptive income scheme as laid down under section 44AD, 44ADA and 44AE of the Income Tax Act, 1961;
ITR-5: Applicable for a person being a firm, limited liability partnerships (LLP), AOP/BOI, private discretionary trust, an artificial juridical person referred to in section 2(31) (vii), cooperative society and local authority;
ITR-6: Applicable for a company, other than a company claiming exemption under section 11 of the Income Tax Act. The ITR also introduces a new schedule for` Ind AS Compliant' companies wherein they are required to disclose the balance sheet and P/L account in the same format as prescribed under the Companies Act, 2013;
ITR-7: Required to be filed when individuals, including companies fall under section 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4E) or 139(4F). This ITR form is basically meant for trusts claiming exemptions u/s 11 of the Act, Political party, mutual funds, securitization trust, and other specified assesses.