The finance ministry has extended the deadline for filing income tax return (ITR) for FY2018-19 by individuals to August 31, 2019 from July 31, 2019. The extension is a much needed relief as there were multiple problems being faced by individuals in filing ITR by July 31.
July 31 was the deadline for filing income tax returns for most individuals and HUFs. This is that category of individuals and HUFs who are not mandatorily required to get their accounts audited for tax purposes.
The finance ministry on Friday announced a series of initiatives, including a liquidity support scheme for housing finance companies and measures to boost credit flow to small companies and vehicle makers, to help boost the economy.
Cafe Coffee Day founder VG Siddhartha, who committed suicide a few days ago citing financial stress, may have been forced to take the extreme step as he was under a massive debt pile.
Data retrieved from stock exchanges and the Ministry of Corporate Affairs reveal that the deceased founder of India's first coffee chain may have accumulated a debt which peaked at over Rs 11,000 crore, reported Business Today.