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Don’t miss the ITR deadline- IT Department

By: Makemymoney

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

What will happen if you fail to file tax before the deadline?

  • A three-tier fee system has been introduced for those taxpayers who won’t be able to file ITR on time. If the return is filed beyond 31st.July but before 31st.December, the fee payable will be Rs. 5,000. And for all other cases, it will be Rs. 10,000, which is just a double of the previous one. For taxpayers whose total income won’t exceed Rs. 5, 00,000 then the payable fee for them shall be restricted to Rs. 1,000.
  • Revision time for ITR has been reduced to 1 years from 2 long years. From now onwards if the taxpayer has made any mistake then they are supposed to correct it till March 2019 (for FY 2017-18), so avoid making mistakes else file earlier for rectifying your errors.
  • If taxpayers failed to file ITR before the due date or within due date, interest at the rate of 1%per month or part of the month is levied up to the date of filing the same. And this interest is payable on tax payable after deducting the TDS, TCS, advance tax, other tax credit under the law.
  • If Income Tax Return is not filed within the due date then the taxpayer will not be allowed to carry forward loss under the head profit in profession or business or capital gain. However, loss under the head income from housing property would be allowed to be carried forward
  • Delay in filing for Income Tax Return will result in a delayed receipt of the tax refund. Earlier the ITR will be filed, the Central Processing Centre,  Bangalore of IT-Department process the ITR frequently, once the tax liabilities or refund of the taxpayer are determined. 

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. 

 

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