The due date to file ITR (income tax return) was reached out by a month to August 31. On the off chance that despite everything you have not filed your return, it is critical that you do it on time because of the progressions presented in a year ago’s Budget.
In any case, on the off chance that despite everything you defer filing your ITR, here are your options:
Until the last assessment year (AY), i.e., AY 2017-18 there was no punishment for filing remiss income tax returns. Be that as it may, this punishment is pertinent from AY 2018-19. Another area 234F was embedded by the administration into the Income Tax Act. According to this segment, an individual would need to pay a charge of up to Rs 10,000 for filing income tax return after the due dates determined in area 139(1) of the Act.
“According to the alterations made in the Finance Act 2017, citizens are at risk to pay a charge of Rs 5,000, if their assessment form for the monetary year 2017-18 is filed after the arrival filing due date (i.e., July 31, 2018) however before December 31, 2018.The expense payable will increment to Rs 10,000, if the tax return is recorded on or after January 1, 2019.However, if the aggregate income of the citizen is not as much as Rs 5,00,000, the charge amount will not surpass Rs 1,000,” says Amarpal Chadha, Tax Partner and India Mobility Leader, EY.
Nonetheless, it is essential to take note of that in the event that you have any unpaid tax liability, at that point a punitive enthusiasm on the same would be required, as appropriate to your case, in the event that you have documented a tardy return.
In any case, if no expense is payable, the citizen won’t be at risk to pay this intrigue exclusively because of the late filing of ITR for FY17-18.
On the off chance that the income tax department on evaluating your arrival raises interest for extra tax payment, at that point you would need to pay corrective enthusiasm on that assessment and additional tax. Hence, it is prudent to file your return on time.
How to record an overdue return?
The way toward filing an overdue return is the same as filing the arrival prior to the due date. The principle distinction would be that while filling the pertinent ITR form, you would need to choose “Return filed under section 139(4)” in the drop-down menu in the applicable box in the form. Likewise, recollect that on the off chance that you are filing a late return for FY16-17, at that point you have to fill the applicable ITRs as told for FY16-17 just and not for any past or later FY.
Would you be able to reexamine overdue ITR?
Truly, you can. An ITR filed after the due date is known as a remiss return. It tends to be filed before the finish of the significant assessment year, i.e., before March 31, 2019 for this situation. From FY16-17, i.e., AY17-18 ahead, you are even allowed to update a late return.
Be that as it may, in the event that you file your return after the due date, you will miss out on specific advantages and a punishment will be required.
Imagine a scenario in which I have filed my returns yet there is a mistake?
In the event that in the wake of filing your tax return you understand that you have not revealed certain livelihoods, or a few reasonings were not profited of in the arrival calculation, it is conceivable to record an amended return.
What amount of time do I get the chance to confirm my return?
Only filing your tax return is only 50% of the procedure – you have to check it too. According to the present expense laws, you can check your return inside 120 long stretches of filing it.
Would i be able to convey forward misfortunes in the event that I document late return?
“According to the Indian income tax laws, misfortunes under any head of pay (other than income from house property), can be conveyed forward just if the tax return is filed in the due date, i.e., July 31. However, citizens can convey forward the misfortune under the head income from house property, regardless of whether the government form is documented after the due date,” says Chadha.