INSUBCONTINENT EXCLUSIVE:
Have you filed your ITR or income tax return this year The last date for filing of income tax return for assessment year 2018-19 (financial
year 2017-18) is August 31, 2018
Can you file your income tax return after the August 31 deadline Yes, but doing so will attract a penalty amount ranging from Rs 5,000 to Rs
10,000 depending upon the degree of delay
Last month, the government extended the original deadline of July 31 by one month, announcing August 31 as the new deadline
That means, those looking to file their income tax return without having to bear any penalty charges have eleven days left to do so.1
Income tax slabs: In the general category, individuals with annual income up to Rs 2.5 lakh are not liable to pay income tax
For those with an income between Rs 2.5 lakh and Rs 5 lakh, the five per cent slab is applicable - meaning income tax of 5 per cent
In the senior citizen and super citizen categories, annual incomes up to Rs 3 lakh and Rs 5 lakh do not attract income tax, according to
Previously, assessees were given a two-year window to revise and resubmit an erroneous ITR
filing the income tax return within the due date attracts interest at the rate of 1 per cent per month or part of the month.4
Penalty: A three-tier fee system has been introduced for not filing income tax return within due date
If return is filed beyond due date but before December 31, then fees payable will be Rs
5,000 whereas in other cases it will be Rs
However, in case of taxpayers whose total income does not exceed Rs
5,00,000, the fees payable shall be restricted to Rs
1,000, said Ashok Shah, partner, N.A
It is advisable for every taxpayer to file income tax return (ITR) well in time and avoid various consequences including levy of mandatory
fee, say wealth planners.6
Income tax forms: The Income Tax Department has provided seven ITR forms to enable assessees to file their income tax return online
Income tax verification: Filing or submission of an income tax return is not all
The Income Tax Department has mandated the public to also verify the income tax return after submitting it
return of income: Once the return is filed and verification of the same is duly completed, the Central Processing Centre, Bangalore, of the
Income Tax Department, processes the income tax return
It is only then that the tax liability or refund of taxpayer is determined
Thus, in case the taxpayer is claiming a refund, delayed filing of income tax return will result into a delayed receipt of the tax refund.9
income tax returns were filed during financial year 2017-18, compared to 5.43 crore filed in the previous year, according to government
records.(With agency inputs)
