Nifty99000 100%

Sensex99000 100%

Article rating: 4.3
Article rating: 4.1
Article rating: 4.3
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: 4.0
Article rating: 4.0
Article rating: No rating
Article rating: 3.0
RSS

News

ITR Deadline Looms: Here’s Why You Should File It Now

Author: Balwant Jain/Wednesday, July 25, 2018/Categories: Tax, Expert View

ITR Deadline Looms: Here’s Why You Should File It Now

People are generally under the impression that the due date of July 31 is now or never for filing of the ITR and therefore if one fails to file the ITR by the due date, he cannot file it later. It is not so exactly. However if you fail to file your ITR by the due date some consequences follow. Let us discuss the consequences.

What is the due date for filing of my income tax return?

For salaried persons and small businessmen the due date for filing income tax return is July 31, 2018 for the year ended March 31, 2018. For people in business or engaged in profession and whose accounts are required to be audited due to turnover exceeding a threshold limit the due date is September 30, 2018.

What happens if you miss the deadline?

In case you fail to file your ITR by July 31, you can still file it latest by March 31, 2019 with some mandatory fee. So if you file your ITR after July 31 but by December 31 you have to pay a late fee of Rs. 5,000. The fee goes up to Rs 10,000 if you file your ITR after December 31 but by March 31, 2019 . Beyond this, you can not file it. In case of small taxpayers the late fee shall not exceed Rs 1,000 in case the net taxable income does not exceed Rs 5 lakhs for the year.

If you fail to file the ITR by July 31, you cannot carry forward losses of current year to set off against incomes of later years. Earlier, there was restriction on revision of your ITR if you failed to file it by the due date but now that restriction has been lifted.

What happens if I fail to file my ITR by March 31, 2019?

In case you fail to file your ITR even by March 31, 2019 the income tax department can levy a penalty of 50 per cent or 250 per cent of the tax sought to be evaded depending on the circumstances. In addition to the penalty, the income tax department can also launch prosecution for not filing of the ITR in case the amount of income tax liability for the year exceeds Rs 3,000 and you can be punished with imprisonment for a minimum term of three months and which can go upto seven years.

So what are you waiting for? File your ITR by July 31 to avoid the late fee, interest, penalty and prosecution.

The author is a CA, CS and CFPCM

Print Rate this article:
2.7

Number of views (884)/Comments (0)

Balwant Jain
Balwant Jain

Balwant Jain

Other posts by Balwant Jain
Contact author

Leave a comment

Name:
Email:
Comment:
Add comment

Name:
Email:
Subject:
Message:
x

Videos

Ask the Finapolis.

I'm not a robot
 
Dharmendra Satpathy
Col. Sanjeev Govila (retd)
Hum Fauji Investments
 
The Finapolis' expert answers your queries on investments, taxation and personal finance. Want advice? Submit your Question above
Want to Invest
 
 

Categories

Disclaimer

The technical studies / analysis discussed here can be at odds with our fundamental views / analysis. The information and views presented in this report are prepared by Karvy Consultants Limited. The information contained herein is based on our analysis and upon sources that we consider reliable. We, however, do not vouch for the accuracy or the completeness thereof. This material is for personal information and we are not responsible for any loss incurred based upon it. The investments discussed or recommended in this report may not be suitable for all investors. Investors must make their own investment decisions based on their specific investment objectives and financial position and using such independent advice, as they believe necessary. While acting upon any information or analysis mentioned in this report, investors may please note that neither Karvy nor Karvy Consultants nor any person connected with any associate companies of Karvy accepts any liability arising from the use of this information and views mentioned in this document. The author, directors and other employees of Karvy and its affiliates may hold long or short positions in the above mentioned companies from time to time. Every employee of Karvy and its associate companies is required to disclose his/her individual stock holdings and details of trades, if any, that they undertake. The team rendering corporate analysis and investment recommendations are restricted in purchasing/selling of shares or other securities till such a time this recommendation has either been displayed or has been forwarded to clients of Karvy. All employees are further restricted to place orders only through Karvy Consultants Ltd. This report is intended for a restricted audience and we are not soliciting any action based on it. Neither the information nor any opinion expressed herein constitutes an offer or an invitation to make an offer, to buy or sell any securities, or any options, futures or other derivatives related to such securities.

Subscribe For Free

Get the e-paper free