Income tax department keeps on reminding to all those who come in the taxable bracket to file for their ITR. People who come under tax bracket must file for ITR before 31st. July as this is the last date for the 2017-18 assessment year. IT Department has set a huge amount of penalty for all those who will not file ITR on time. The penalty may invite you with a heavy amount of Rs. 10,000. And this won’t end here, delay in filing ITR may also make you liable to pay interest. According to the assessment year, 2017-18 tax slab is already declared.
In order to avoid last moment rush better will to apply for ITR on time to avail all facilities in a well time framed way. Following are the things taxpayer should keep in mind while filing Income Tax Return This is a great advice for the entire taxpayer to file ITR well in advance for keeping yourself safe from bad consequences and punishable fee. Remember 31st. July’18 is the last date for filing ITR.
The deadline for filing ITR was already extended by a month to 31st. August. Now that IT department has given an extension of almost a month, you should file for return on time. It is important to file your return due to changes introduced in last year’s budget. However, there is a penalty on late filing for ITR.
There was no penalty till the year 2017-18 on filing late It-Return. However, from the year 2018-19 as per new section 234F issued by the government into IT Act penalty will be applicable. As per specification is given by Section 139(1) Act, an individual would have to pay a fee of up to Rs. 10,000 for filing ITR after due dates.
In the financial year 2017-18, if the taxpayer is liable to pay a fee of Rs. 5,000, if they file a tax return after the deadline i.e. July 31, 2018. The penalty fee is increased to Rs. 10,000, if the tax return is filed on or after 1st.January’19. However, if taxpayers total income is less than Rs. 5, 00,000 the fee amount shall not exceed.
If a taxpayer has any unpaid tax liability then a penal interest on the same would be levied, as applicable to now in case of the belated filing of tax. But if no tax is payable, the taxpayer won’t be liable to pay interest due to the late filing of ITR in the financial year 2017-18.
The procedure of filing late ITR is similar to filing for Income Tax Return on or before the due date. The only difference is that while filing an application for belated ITR, the taxpayer has to select “Return Filed Under Section 139(4)” in form. Also, taxpayer remembers this while filing a belated return for Financial Year 2016-17, then he/she need to fill the applicable ITRs as notified for Financial Year 2016-17 only and not for any previous or later Financial Year.