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➡ Click here: Due date for filing income tax return for ay 2018-19
ClearTax automatically selects the correct ITR form applicable to you. Considering that it takes only a few minutes to file your ITR, this is more than reasonable. This is a loss as you could have put to the money to better use and you obviously loose on the interest part. Eligibility for the ITR-2 Form The use of the ITR-2 Form is applicable to the following means of income only.
Firstly, if a Digital Signature is met, the Form is uploaded online. So, for the financial year 2017-18, the AY is 2018-19. Income which is generated from the various head of income viz. Now grab your FREE Credit Score. Am I required to pay any tax on the gift money social from my friend at the time of my wedding. A new section Sec 234F is inserted to levy penalty for late filing of ITR. Sir, payment for an employee for the month of Mar 18 was paid on 28 Mar 18 and accordingly TDS challan was also met to bank on the same date i. Assessment year is the year in which we assess income, pay taxes and file tax return for the previous year or the financial year. ONE EMPLOYER HAVE DEDUCTED TS OF ONE SALARY EMPLOYEE TWICE IN MARCH 2018 FOR MONTH OF MARCH 18AND Civil TDS BY DIFFERENT CHALLAN.
What is Income Tax? You can do it multiple times until the expiry of one year time limit.
Your Income Tax Return(ITR) for FY 2017-18 (AY 2018-19) - ONE EMPLOYER HAVE DEDUCTED TS OF ONE SALARY EMPLOYEE TWICE IN MARCH 2018 FOR MONTH OF MARCH 18AND PAID TDS BY DIFFERENT CHALLAN. For the Assessment Year 2018-19, the due date for return filing has been extended to 31st August 2018 from 31st July 2018.
The government gives its taxpaying citizens 4 months of window period to plan their investments and file their income tax returns every financial year — from 1 April to 31 July. Considering that it takes only a few minutes to file your ITR, this is more than reasonable. We must also file the returns by the due date or face consequences. In this article, we will discuss the penalty for late filing of tax returns for stragglers. The due date for filing ITR for Assessment Year 2018-19 The due date for filing your income tax return if you are an individual taxpayer is round the corner. For the Assessment Year 2018-19, the due date for return filing has been extended to 31st August 2018 from 31st July 2018. Many believe that if they have paid their taxes, they have no further obligation. However, missing the ITR filing deadline has legal consequence. Effective from the financial year 2017-18, a late filing fee will be applicable for filing returns after the due date. Late Filing Fees Effective from the financial year 2017-18 a late filing fee will be applicable for filing your returns after the due date i. The maximum penalty which can be charged is Rs. If you file your ITR after the due date 31st Augist 2018 but before 31st December 2018, a penalty of Rs 5,000 will be levied. For returns filed later than 31st December 2018, the penalty levied will be increased to Rs 10,000. There is a relief given to small taxpayers — the IT department has stated that if the total income does not exceed Rs 5 lakh, the maximum penalty levied for delay will be Rs 1,000. To summarise: Late Filing Fee Details E- Filing Date Total income Below Rs 5,00,000 Total income Above Rs 5,00,000 Upto 31st August 2018 Rs 0 Rs 0 Between 1st September 2018 to 31st December 18 Rs 1,000 Rs 5,000 Between 1st January 19 to 31st March 19 Rs 1,000 Rs 10,000 3. Filing your ITR on time can benefit you in more ways: 4. Consequences of not Filing by the Due Date Apart from the penalty levied by the IT Department, there are other consequences that a taxpayer may face for late filing of returns: a. Unable to set off losses Losses incurred other than house property loss are not allowed to be carried forward to subsequent years to be set off against future gains if the return has not been filed within the due date. However, if there are losses under house property, carry forward of losses is permitted. Interest on the delay of filing return Apart from the penalty for late filing, an interest under section 234A at 1% per month or part thereof will be charged till the date of payment of taxes. The calculation of the penalty will start from the date falling immediately after the due date i. So, the longer you wait the more you pay. How to File your Return Filing your income tax returns has never been easier. All you need is your Form 16. Login to to file your return — it takes just seven minutes! What if I miss the Due Date? Taxpayers must pay taxes and file the return on or before the due date. In case the taxpayer misses the due date to file his return, he can file a belated return. A belated return can be filed either by the end of the relevant assessment year or before the completion of the assessment, whichever is earlier. For the current assessment year, a belated return can be filed any time before 31st March 2019 if the assessee fails to file his return on or before 31st August 2018.