Recently, the Central Board of Direct Taxes (CBDT) had extended the income tax returns filing deadline to 30th November 2019 in the newly formed Union Territories of Jammu and Kashmir, as well as Ladakh.
The policy-making entity for the IT Department had given out an order in which they have stated that on consideration of reports of disturbances in the facility of internet in some places of Jammu and Kashmir, the CBDT further had extended the due date for filing of income tax returns as well as tax audit reports to 30th November relating to every of the categories of income tax assessees in the Union Territory of Jammu and Kashmir, and Ladakh.
The due date for filing income tax returns for some categories of taxpayers, professionals with an annual turnover Rs 50 lakh, companies with an annual turnover of Rs 1 crore as well as few additional categories of taxpayers who are required to get their books audited was to be end on 31st October.
This relaxation shall be allowed only to the taxpayers of the two new Union Territories.
The CBDT order also stated the ITRs filed by individual taxpayers, post the fixed deadline of 31st August shall be considered valid till 30th November.
Internet facilities were clamped down in Jammu and Kashmir following the decision of the Centre to abrogate provisions of Article 370 on 5th August.
In the repercussion of the decision, Jammu and Kashmir was bifurcated into UTs of Jammu and Kashmir, and Ladakh from 31st October 2019.
The Jammu and Kashmir Reorganization Act, which downgrades as well as bifurcates the State of Jammu and Kashmir into the Union Territories of Jammu and Kashmir and Ladakh, has taken effect from 31st October 2019 that is 86 days after Parliament abrogated its special status under Article 370.
What is the Income Tax return?
An income tax (IT) return is basically the tax form or forms utilized to file income tax with the Income Tax Department. The law specifies that tax returns are required to be filed each year for an individual or company that received earnings during the year, whether through regular income (wages), dividends, interest, capital gains or any other sources. Tax returns, irrespective of whether it relates to a person or a company, it should be filed by a specific date. However, if the return shows extra tax was paid during a given year, the assessee is qualified for a ‘tax refund, subjected to the department’s interpretations as well as calculations.
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