Income Tax Return Filing Due Dates (Last Date)

Income Tax Return Filing Due Dates (Last Date)

What is the Due Date for Tax Filing? FY 2017-18, AY 2018-19

Income Tax Return Filing Due Dates (Last Date)

The last date to file your ITR for the FY 2017-18 was 31 August 2018. Not filing your ITR on time can lead to a penalty, but there are also other consequences and inconveniences attached to the delay. Let us understand these in detail below.

As per the changed rules notified under section 234F of the Income tax Act which came into effect from April 1, 2017, filing your ITR post the deadline of August 31, 2018, can make you liable to pay a maximum penalty of Rs 10,000. 

To break this down; if you file post 31st August but before December of this year (i.e. 2018), a penalty of Rs 5,000 will be levied. For returns filed after December 2018, penalty limit will be increased to Rs 10,000. However, as a relief to small taxpayers, the IT department has stated that if your total income is not more than Rs 5 lakh, the maximum penalty levied for delay will only be Rs 1,000.  

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Reduced Time for Revising Your Return

Let’s say you are filing your ITR and you end up making a mistake. Under the changed rules, you only have time till March 2019 to make the change (for ITRs for FY 2017-18).

Earlier, taxpayers had a 2-year long window to revise and resubmit an erroneous ITR, which has now been decreased to one year from the end of the financial year. 

Therefore, the earlier you file, the longer would be the window available with you for revising your returns to rectify errors if any.

Penalty for Late Filing of Income Tax Return – AY 2018 -19

 If you have missed the due date to file your return, you can still file it before 31 Dec 2018 by paying a fee of Rs 5,000. If you are filing after 31 December 2018, you will have to pay a fee of Rs 10,000. Also to note that the time limit for filing a return late for FY 2017-18 expires on 31 March 2019.

If you do not file the income tax return on or before the due date, you would be required to pay interest at the rate of 1% for every month, or part of a month, on the amount of tax remaining unpaid as per section 234A.

It’s very important to note that one’s ITR cannot be filed if one hasn’t paid the taxes. The calculation of penalty will start from the date immediately after the due date i.e. 31st July (For current year i.e FY 2017-18, it was 31st August). So, the longer you wait the more you will have to pay.

Delay in Receiving Refunds

In case you’re entitled to receiving a refund from the government for excess taxes you have paid, you must file your return before the due date to receive the refund at the earliest. 

Due Dates for month and year

7 December 2018 –

Due date for deposit of Tax deducted/collected for the month of November, 2018. However, all sum deducted/collected by an office of the government shall be paid to the credit of the Central Government on the same day where tax is paid without production of an Income-tax Challan.

15 December 2018 –

Due date for furnishing of Form 24G by an office of the Government where TDS for the month of November, 2018 has been paid without the production of a challan

15 December 2018 –

Third instalment of advance tax for the assessment year 2019-20

15 December 2018 –

Due date for issue of TDS Certificate for tax deducted under section 194-IA in the month of October, 2018

15 December 2018 –

Due date for issue of TDS Certificate for tax deducted under section 194-IB in the month of October, 2018

30 December 2018 –

Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IA in the month of November, 2018

30 December 2018 –

​Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IB in the month of November, 2018

What is Income Tax?

There are two types of tax levy one is direct tax second one is an indirect tax.

Income tax is a direct tax which is directly attributable to the income of the assessee. Income which is generated from the various head of income viz.Salary, House property, Business, Capital Gain and Income from other sources. 

The assessee has to pay Income tax if his total Income after allowing Chapter VI-A Deduction is more than the taxable income limit.

Last Date of Income Tax Return Filing for AY 2019-20 (Non-Audit Cases)

  • Due date of filing the Income Tax Return by Assesse whose Books of Account are not required to be audited is 31st July 2019.

Filing Income Tax Return Due Date for AY 2019-20 (Audit Cases)

The due date for filing the Income Tax Return by Assesse is 30th September 2019.

  • A Company
  • A Person (Other Than a Company) whose accounts are required to be audited under this Act or under any other law for the time being in force, or
  • A working partner of a firm whose accounts are required to be audited under this act or under any law for the time being in force

Last Date of Income Tax Return Filing for AY 2019-20

(Assessee who are required to furnish report under sec 92E)

  • FY 2017-18: Assessee who are required to furnish report under sec 92E is 30th November 2018.
  • Due date of filing the Income Tax Return by Assesse who are required to furnish report under sec 92E is 30th November 2019.

Advance Income Taxes Filing Due Dates FY 2018-19

If the tax liability is more than Rs 10,000 in a financial year then advance tax needs to be paid by the assessee.

15th June (15%) | 15th Sept. (45%) | 15th Dec. (75%) | 15th March (100%)

The assessee who are covered under section 44AD, are also required to pay the advance tax on or before the 15th march of the previous year.

Due date for filing late income tax returns or revised returns

If you have not furnished a return by July 31 (for the previous FY), you can file it before the end of the assessment year on March 31 or on completion of assessment by the assessing officer, whichever is earlier. This is in compliance as per provisions of section 139(5) of the Income-tax Act, 1961 

For example, if you have not filed your returns for FY2018-19(AY19-20) then you can file late returns up to March 31, 2020 or on  completion of assessment by the assessing officer, whichever is earlier. 

Starting FY2018-19, the government has introduced a fee for failure to furnish the income-tax return under Section 234F. The maximum penalty could go up to Rs. 10,000, but for tax-payers with incomes of not more than Rs. 5 lakh, the penalty has been fixed at Rs. 1000.

Last dates for submission of investment declaration to avoid TDS: Beginning of the financial year

At the beginning of the financial year, your employer will ask you to file in Form 12BB, which is an investment declaration form. This allows your employer to calculate your TDS to be deducted for the financial year. 

At the beginning of the fiscal year, you just need to file estimates of your tax saving investments and not documentary proof of your investments. You must furnish proof of investment by the end of February of the financial year.

The declaration covers the following expenses and investments:

  • Eligible deductions
  • House rent
  • Leave Travel Allowance
  • Interest on home loans
  • Deductions under Section 80 for various tax saving investments, insurance, education loan interest, interest from savings bank account

Late Filing Fees

Failure to file your returns within the due date will mean that you will be subject to a late filing fee of Rs.200 per day. The fee will be charged for every day after the due date, until the date on which your return is filed. However, the maximum fees that you will have to pay will be limited to the TDS amount.

For instance, in case your TDS payable amount is Rs.7,500 on May 14, and the amount is paid on November 19, the total number of days between the aforementioned dates is 190. Therefore, Rs.200 per day for 190 days will be Rs.38,000. However, since your TDS payable amount is Rs.7,500, your late filing fees will be only Rs.7,500 and not Rs.38,000. But, an interest will be charged to you.

Penalty

In case TDS returns are filed after the due date, or there are discrepancies in the return forms, the following penalties shall become applicable:

  • Penalty under Section 234E: Under this section of the Income Tax Act, the deductor will be charged Rs.200 per day until TDS is paid, but the penalty amount cannot be more than the TDS amount.
  • Penalty under Section 271H: A penalty which may range between a minimum of Rs.10,000 and a maximum of Rs.1 lakh shall be applicable in case wrong details have been submitted, such as incorrect PAN, incorrect tax amount, etc.
  • The TDS/TCS is paid to the government’s credit.
  • The filing of the TDS/TCS return is done prior to the expiry of 1 year from the due date.
  • The interest and late filing fees (if any) have been paid to the government’s credit.

Interest

Under Section 201(1A) of the Income Tax Act, 1961, if tax is not deducted at source, either partly or fully, an interest rate of 1% per month will be applicable from the date on which tax was supposed to be subtracted to the date on which it is actually subtracted.

In case tax has been deducted, and has not been paid either partly or fully, an interest rate of 1.5% per month will be applicable from the date on which tax was deducted to the date on which it was paid.

For instance, in case the TDS payable amount of an individual is Rs.7,500 and the date on which it was deducted is January 14, and TDS was paid on May 18, the interest charged to the individual shall be Rs.7,500 x 1.5% per month x 5 months = Rs.562.5.

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