New Delhi: The date for filing income tax returns by tax payers has been extended from September 30 to October 17, 2016. As per an official statement, tax payers whose accounts are required to be audited under the Income Tax Act can now file their returns till October 17, 2016.
According to a statement from the Finance Ministry, “Taking into consideration that the last date for making declarations under the Income Declaration Scheme 2016 is also September 30, 2016, the Central Board of Direct Taxes (CBDT) 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.”
In the financial year 2015-16, all those tax payers with business receipts that exceeded Rs 1 crore or with professional receipts that exceeded Rs. 25 lakh will be required to file an income tax return this year.