The last date for filing of income tax returns (ITRs) for the financial year 2016-17 has been extended to August 5. The original deadline was July 31. The Income Tax Department has already received over two crore returns filed electronically. The department had earlier issued advertisements in leading national dailies in the last few days stating that taxpayers should disclose their income “correctly” and file their ITRs on or before July 31.
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Giving the reason for the extension, a government official said the tax department’s e-filing website – incometaxindiaefiling.gov.in – has been experiencing overload due to last minute filing of returns.
The linking of Aadhaar number with the PAN (Permanent Account Number) of taxpayers has also been made mandatory for filing of ITR, beginning July 1. The department has also asked taxpayers to declare in their ITRs cash deposits made in bank accounts aggregating to Rs. 2 lakh or more post-demonetisation, between November 9 and December 30 last year.
Every person whose gross total income exceeds the taxable limit must file an income tax return, the Income Tax Department has said.
The Income Tax Department also mentioned certain taxpayers who are required to e-file their income tax returns. These included individuals and HUFs (Hindu Undivided Families) having total income exceeding Rs. 5 lakh or claiming any refund in the return (excluding individuals of the age of 80 years or more who are furnishing return in Form ITR-I or Form ITR-2) and individuals/HUFs being a resident other than not ordinarily resident having any foreign asset/income or claiming any foreign tax relief.
Also, the taxman said, persons filing Form 3, Form 4, Form 5 and Form 7 are required to e-file their returns.
The government had earlier notified a simpler, one-page form for filing income tax returns.
Source : http://www.ndtv.com/business/income-tax-today-s-deadline-for-filing-returns-to-be-extended-1731421