Due Date for Income Tax Return Filing Extended to 5 August 2013

Those who have been unable to file returns on time can breathe easy. The government has decided to extend last date of filing income tax returns to 5 August 2013.

This year the base of taxpayers filing returns online was widened by lowering the thresh hold income to Rs 5 lakhs from Rs 10 lakhs last year. Income tax e-filing portal has witnessed unprecedentedly heavy traffic flow. Some tax payers are finding it tough to access the site, perhaps due to constraints of the local internet service providers (ISP).

Therefore a Finance Ministry notification has clarified that due date of filing income tax returns in assessment year 2013-14 has been extended to 5 August 2013.

It is important to file your tax returns on time, by due date, for a number of reasons. Though you can file returns without penalty till the end of the current assessment year, missing the due date means forfeiting the chance to carry forward losses and filing revised returns.

A few days ago the Central Board of Direct Taxes had extended due date for tax payers residing in or being assessed in Uttarakhand to 31 October 2013 owing to the recent natural calamity that left the state of Uttarakhand hugely devastated.

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