The government may need to extend the due date for filing an income tax return (ITR) this year. The usual due date or due date for filing ITRs by people is 31st July. This is on the grounds that the Central Board of Direct Taxes (CBDT) has issued a notification dated 4th June 2019 extending out the due date for employers towards filing their TDS returns and furthermore to issue Form 16 to employees to June 30th and 10th July respectively.
If the employees get their Form 16 by 10th July, it leaves no time for thousands of taxpayers to file their returns if the due date for filing of ITRs remains 31st July, which is only 21 days. Additionally, since a year ago a penalty is payable for filing ITR after the due date. Subsequently, following this move of the CBDT, the extension of the due date for filing ITRs for people may well get extended as well.
The due date for filing of ITRs for people has been extended out in the previous years too for different reasons including giving more time for PAN-Aadhaar linking, income tax e-filing website going down because of heavy rush and so forth. Given that presently there will be almost no time for the salaried people to file their returns this year, there are probably going to be many requests from different quarters asking the government to give more time to file the ITRs.
The CBDT has extended the due date of filing of Form 24Q, that is, TDS return in regard to salary for the financial year 2018-19 from 31st May 2019 to 30th June 2019. The due date was extended considering the most recent changes made by the tax department in Form 24Q and to redress genuine hardship of businesses in timely filing of TDS return in revised format of Form 24Q.
The CBDT has issued a notice to amend the Form 24Q as well as Form 16 (TDS certificate in regard to salary income) with effect from 12th May 2019. According to the new format, each employer is required to report the detailed break-up of salary, exempt allowances, as well as deductions, claimed and allowed to an employee.
Furthermore, the income-tax return forms for AY 2019-20 were additionally amended by CBDT in accordance with the changes made in Form 24Q and Form 16. The move was made to cross-check the data given by an employee in ITR forms with TDS return filed by his employer.
Click here to read more about "The New Changes In Income Tax Return Forms"
Each employer is required to issue Form 16 to his employee in 15 days of the due date of filing of TDS return. As the due date of filing of TDS return in regard of has been extended out to 30th June 2019, the due date of issue of Form 16 has thusly been extended out by 10 days to 10th July 2019.
Form 16 is an important TDS certificate, which is issued by the employer giving details of the complete income paid to the employee and taxes deducted on. It comprises of two sections – Part A and Part B. Part A comprise of details of the taxes deducted by the employer during the financial year while Part-B has a break-up of gross salary details, for example -exempt allowances, perquisites, tax-saving deductions and so on.
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