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CBDT extends deadline for filing ITRs with audit reports to Oct 31, 2018

CBDT extends deadline for filing ITRs with audit reports to Oct 31, 2018

Finance
NEW DELHI: The government today extended by a fortnight till October 31 the deadline for filing Income Tax return (ITR) and audit report for financial year 2017-18. This is the second extension within a fortnight of the Central Board of Direct Taxes (CBDT), earlier extending the deadline for tax payers whose accounts have to be audited from September 30 to October 15. Tax audit is a review of accounts of taxpayers with business or profession from an income tax point of view such as incomes, deduction, compliance with tax laws, etc. Taxpayers with turnover exceeding Rs 1 crore in business (not opted for presumptive taxation scheme) or whose gross professional income is over Rs 50 lakh need to get a tax audit done. Tax audit report needs to be filed on or before the 30 September of the subse...
You can start filing your 2017 taxes on …

You can start filing your 2017 taxes on …

Finance
Your tax reform questions answeredAmid the frantic push by Republicans to pass a tax overhaul by Christmas, it's easy to forget that you still have to contend with your 2017 taxes. The IRS on Thursday said it would start accepting 2017 federal income tax returns on Monday, January 29. But if you're not an early bird filer, you'll have until Tuesday, April 17 to get yours in. If even that's too soon for you, file for an automatic 6-month extension. Just remember an extension to file is not an extension to pay. You still need to pay Uncle Sam what you owe for last year by April 17, if you want to avoid late-payment penalties. Normally, April 15 is the final filing deadline, but it falls on a Sunday this year. And Monday, April 16 is Emancipation Day, a legal holiday in the District of Col...