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Govt extends return filing date for large taxpayers to Oct 17

Govt extends return filing date for large taxpayers to Oct 17

Revenue Department has extended the date to October 17 for filing of tax returns by assesses who are required to submit audited accounts in view of the ongoing income declaration scheme (IDS-2016).

The due date for filing of income tax returns by taxpayers whose accounts are required to be audited under the Income Tax Act is the September 30 of the following year, Central Board of Direct Taxes said in a statement.

The tax payers whose business receipts exceed Rs 1 crore or professional receipts exceed Rs 25 lakh during the previous year 2015-16 are required to file an Income Tax return accompanied by an audit report by the above mentioned due date, it said.

“However, taking into consideration that the last date for making declarations under the Income Declaration Scheme 2016 is also September 30, the Central Board of Direct Taxes has decided to extend the last date for such returns which were due on September 30, 2016 to October 17, 2016 in order to remove inconvenience and to facilitate ease of compliance,” it said.

IDS scheme, launched by the government on June 1 to uncover black money, closes on September 30.

As per the IDS facility, one can pay tax under the scheme by cash in a bank and no enquiry will be made by any bank official.

Under IDS, which came into effect on June 1, one can come clean by paying tax, penalty and cess totalling 45 per cent of the undisclosed income.