Uploaded on Jun 6, 2019
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Income Tax Returns in Chennai -Kanakkupillai
ITR Filing Due
Date May have to
Extend – Due to
Recent Changes by
Tax Department.
www.kanakkupillai.com
ITR Return Filing
The government may have to extend the due date for filing income
tax return (ITR) 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
issued a notification dated June 4, 2019 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.
If employees get their Form 16 by July 10th it leaves very little time
for thousands of tax payers 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.
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Latest Changes Made by Tax Department
➜ The due date has been extended considering
the latest changes made by the tax department
in Form 24Q and to redress genuine hardship
of employers in timely filing of TDS return in
revised format of Form 24Q.
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. 3
CBDT has extended the due date of
TDS return and Form 16 issue date
by the employer. New due date of
issuance of Form 16 is 10.07.2019.
Consequently, it is expected that
ITR Filing due date may also be
extended by the CBDT
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 consists of details of the taxes deducted by your employer
during the financial year while Part-B has break-up of gross salary details, i.e. tax-
exempt allowances, perquisites, tax-saving deductions and so on.
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What is Form 16
Form 16 is the TDS certificate that an employer issues to you
when TDS is deducted by them. When an employer deducts
TDS on salaries, the income tax act requires that a certificate
must be issued by the employer, where the details
of tax deducted and deposited is certified.
Who are eligible for Form 16?
Form 16 is your salary TDS certificate. If your income from
salary for the financial year is more than the basic exemption
limit of Rs 2,50,000 your employer is required by the Income
Tax Act to deduct TDS on your salary and deposit it with the
government.
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Form 16 – edownload
The tax department has The tax department has made
made it mandatory for it mandatory for the
the employer to employer to download and
download and issue issue Part-B of Form-16 from
Part-B of Form-16 from the TRACES portal only.
the TRACES portal This has made Part-B of the
only. This has made Form-16 standardised across
Part-B of the Form-16 all employers. Previously,
standardised across all only Part-A of the Form-16
employers. Previously, was standardised across all
only Part-A of the employers.
Form-16 was
standardised across all
employers.
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Filing in Chennai
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