Income Tax Dept warns public against cash dealings of Rs 2 lakh or more saying that the receiver of the amount will have to cough up an equal amount as penalty.

CBDT extends last date for employers to issue Form 16; ITR filing deadline may also get extended

The last date for filing income tax return (ITR), which generally is July 31 every year, may get extended as CBDT has extended the last date for employers to issue Form 16. It has also extended the last date for filing of Form 24Q by the tax deductors for the financial year 2018-19.

“As per the Order Issued by the CBDT on 4th May 2019, the due date of TDS return (Form 24Q) by the Employer is extended from 31.05.2019 to 30.06.2019. Consequently, due date to issue of Form 16 has also been extended from 15.06.2019 to 10.07.2019,” says CA Abhishek Soni, Founder,

Earlier the last date for filing of Form 24Q was May 31, which has now been extended till June 30. The extension was earlier provided only to the state of Odisha but now the last date for filing Form 24Q has been extended to all over the country.

The last date for the employers to provide Form 16 to the employees also stands extended from June 15 to July 10, 2019. According to CAclub, “CBDT has extended the due dates for filing of Salary TDS Return (Form 24Q) for the 4th quarter of FY 2018-19 from 31 May 2019 to 30 June 2019 and for issuance of Salary TDS Certificate (Form 16) from 15 June 2019 to 10 July 2019, due to hardships being faced by deductors in filing the said return in recently notified revised format.”

Earlier in May, there was an important change made in the Form 24Q which is a quarterly statement of deduction of tax in respect of salary for the quarters of the financial year and is to be filed by the employer. The new rule asks the employer to show to ensure generation of accurate TDS certificate in Part B of Form No. 16 and that the employers have to report correct data in Annexure II of Form 24Q.

If the last date of filing ITR stays at July 31, several employers may not even stick to the deadline of 10 July and therefore this is likely to impact several taxpayers who would hardly get any time to file their ITR. The generation of Form 26AS may also get delayed.

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