ITR filing within the defined date is very important. Filing the income tax after the defined dates has its own repercussions.
- Taxpayers must keep all the required details like PAN, Form 16, and other important documents in hand while filing the returns
- Until the last assessment year, i.e., AY 2017-18 there was no penalty for filing belated income tax returns.
- Now, as per section 234F, an individual would have to pay a fee of up to Rs 10,000 for filing an ITR after the due date.
India: Friday is the last date to file an Income Tax return or ITR. This year, (tax filers) you are required to submit the returns for the 2017-18 financial year, and the assessment year will be 2018-19. The deadline to file an income tax return (ITR) was extended by a month to August 31, 2018. It is expiring today. If you still have not filed your tax return, it is important that you do it on time due to the changes introduced in last year’s Budget.
Penalty
However, if you still delay in filing your ITR then you might face a Penalty.
Last financial there was no penalty for late filing of ITR but A.Y. 2018-19 penalty is applicable on late filing that is after 31st August midnight(Today).
Here is a slab for Penalty (An important fact as per the amendments made in the Finance Act 2017)
- For Taxpayers with income of less than or Rs.5,00,000, the fee amount will not exceed Rs. 1,000.
- Taxpayers with an income of more than Rs. 5,00,000 are liable to pay Rs.5,000 fees if filing after 31st August but before 31st December 2018.
- If ITR is filed on or after 1st January 2019 then fees applicable will be increased to Rs. 10,000.
However, it is important to note that if you have any unpaid tax liability, then penal interest on the same would be levied, as applicable to your case, if you have filed a belated return.
But if no tax is payable, the taxpayer won’t be liable to pay this interest solely due to the belated filing of ITR for FY17-18.
Can you revise the belated ITR?
Yes, you can. An ITR filed after the due date is called a belated return. It can be filed before the end of the relevant assessment year, i.e., before March 31, 2019, in this case. From FY16-17, i.e., AY17-18 onward, you are even permitted to revise a belated return.
However, if you file your return after the deadline, you will lose out on certain benefits and a penalty will be levied.
How much time do I get to verify my return?
Merely filing your tax return is just half of the process – you need to verify it as well. As per the present tax laws, you can verify your return within 120 days of filing it.
Can I carry forward losses if I file a belated return?
As per the Indian income tax laws, losses under any head of income (other than income from house property), can be carried forward only if the tax return is filed within the due date, i.e., July 31 now August 31. However, taxpayers can carry forward the loss under the head income from house property, even if the tax return is filed after the due date
An exemption for Kerala
Meanwhile, the government has extended the last date for filing Income Tax returns(ITR) in the flood-hit state of Kerala. The southern state witnessed the worst flood situation in a century.
“In view of the disruption caused due to severe floods in Kerala, the Central Board of Direct Taxes (CBDT) hereby further extends the due date for furnishing Income Tax returns from August 31, 2018, to September 15, 2018, for all Income Tax assesses in the state of Kerala, who were liable to file their Income Tax returns by August 31, 2018,” a notification from ministry of finance stated.
It can be noted that the extension of the ITR deadline is only for taxpayers in Kerala.
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