Saturday, November 25

Itr return date extended

The last date for filing income tax returns has been extended from the earlier deadline of August 31, the Finance Ministry said on Wednesday.

“Due date for filing Income Tax return extended till 7th Sep, 2015,” the Finance Ministry tweeted.

This year, the last date for filing income tax returns had already been extended to August 31 from the usual July 31 deadline in earlier years.

The Income Tax department in June notified the new set of ITR or Income Tax Return forms, including a three-page simplified one, for taxpayers to file their returns for assessment year 2015-16.

The government dropped the earlier forms which had attracted criticism for seeking numerous additional details like that of filers’ foreign travel and about dormant bank accounts.

The new ITRs replaced the 14-page form that was notified earlier this year. The earlier voluminous form had individual tax payers, industrialists and Members of Parliament, all up in arms – who believed tax filing would become cumbersome and complicated.

The tax payers base in India is just about 4 crore out of a total population of nearly 130 crore. The government aims to collect Rs 7.98 lakh crore in direct taxes in the current fiscal year.