Date of submission of ‘Tax Audit Report and Income Tax Return’ has been extended to 15th of October 2018.
Impact of the date extension is as follows:
Late Fees, of Rs.1000/- and 5000/-, under section 234F will not be levied in case ITR is filed on or before 15th of October 2018
Expenses under section 43B, which are allowed on the basis of actual payment made, will be allowed if paid on or before 15th of October 2018.
TDS, which has already been deducted on or before 31st of March 2018, deposited on or before 15th of October 2018 will not result into disallowance of expenses u/s 40(a)(i) & 40(a)(ia).
Loss under the head “Business of Profession” and “Capital Gains” can be carried forward even ITR is filed after 30th of September 2018 but on or before 15th of October 2018.
Profit Linked deductions (Section 80-IA to 80-IE), deduction under Section 10AA of the Income tax Act, 1961 will be allowed even if ITR is filed after 30th of September 2018 but on or before 15-Oct-2018.
Pay Self-Assessment Tax till 30th of September 2018 in order to save interest u/s 234A of the Act and File Income Tax Return on or before 15th of October 2018.