Thursday, May 16News That Matters

Last date for filing returns for FY 2015-2016 (AY 2016-2017) extended to Aug 5


The last date for filing income-tax returns has been extended to August 5.

Tax returns for 2015-16 (assessment year 2016-17) were originally to be filed by July 31. But in view of the day-long strike at public sector banks, the deadline has been extended to August 5.

For Jammu and Kashmir, the deadline will be August 31 in view of the ongoing turmoil in the state.

Later, the Finance Ministry in a statement said, “As per provisions of Section 139(1) of Income-tax Act 1961, Central Board of Direct Taxes extends the due date for filing returns of Income for Assessment Year 2016-2017 from July 31, 2016 to August 5, 2016, in case of taxpayers throughout India who are liable to file their Income-tax by July 31, 2016.”

This extension, it said, is given in order to avoid any inconvenience to the taxpayers while making payment of taxes pertaining to returns of income for Assessment Year 2016- 2017 by July 31, 2016 due to bank strike on July 29 and July 31 being a bank-holiday.

E-Filing of a tax return is compulsory for individuals with income above Rs 5,00,000.

Read my post on filing Income tax returns for FREE and step by step guide 

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