Monday, 3 September 2018

Worries about not filing income tax return before 31/08/2018 ?

Did you miss ITR filling date?

Don't worry we are here to give you complete information and things to do, if you missed last date to filing income tax return

The last date to file Income Tax Return for the F.Y 2017-18 was extended from 31stJuly 2018 to 31st August 2018.  

If you could not file your Income Tax Return in the stipulated time, then don’t worry, as you have a chance to file your Income Tax Return now by BILETED ITR.

What is a Bileted Return ?
Lets first talk about cost yeh it can cost you a fortune.
Lets understand some provision relating to Bileted Return
If a taxpayer fails to file his/her ITR by the due date, then they can file a belated return as per section 139(4) of the Income Tax Act.

Until when can a taxpayer file belated return?

A taxpayer can file the belated return till the end of the relevant assessment year. Which means a taxpayer who wants to file ITR for the Assessment Year 2018-19, can file his/her belated return till 31st March 2019

Is it possible to revise belated return?

Belated return from tge financial yera 2016-17 can be revised, but any belated return filed before that cannot be revised, due to change in the Income Tax Rules.
Section 234F
As per Section 234F of the Income Tax Act, a taxpayer will have to pay heavy penalty for the late filing of Income Tax Return.
Penalty U/s 234F for the late filing of Income Tax Return.

234F. Fees for default in furnishing return of income.—(1) Without prejudice to the provisions of this Act, where a person required to furnish a return of income under section 139, fails to do so within the time prescribed in sub-section (1) of said section, he shall pay, by way of fee, a sum of,
(a)five thousand rupees, if the return is furnished on or before the 31st day of December of the assessment year;
(b)ten thousand rupees in any other case:
Provided that if the total income of the person does not exceed five lakh rupees, the fee payable under this section shall not exceed one thousand rupees.
(2) The provisions of this section shall apply in respect of return of income required to be furnished for the assessment year commencing on or after the 1st day of April, 2018.”.

You can file Incone Tax return even after 31/08/2018 by paying penalty prescribe u/s 234F which is mention below in layman language

ITR file before 31/12/2018.   Penalty Rs. 5,000

ITR files After 31/12/2018.   Penalty Rs. 10,000.

If you have income lessthan Rs. 5 Lacs the penalty would be only Rs 1000.

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