30/08/2018
๐คWhat happens if you miss tomorrowโs ITR filing Deadline ๐??
The deadline to file income tax return (ITR) was extended by a month to August 31. If you still have not filed your return, it is important that you do it on time due to the changes introduced in last year's Budget.
However, if you still delay filing your ITR, here are your options:
Until the last assessment year (AY), i.e., AY 2017-18 there was no penalty for filing belated income tax returns. However, this penalty is applicable from AY 2018-19. A new section 234F was inserted by the government into the Income Tax Act. As per this section, an individual would have to pay a fee of up to Rs 10,000 for filing income tax return after the due dates specified in section 139(1) of the Act.
As per the amendments made in the Finance Act 2017, taxpayers are liable to pay a fee of Rs 5,000, if their tax return for the financial year 2017-18 is filed after the return filing deadline (i.e., July 31, 2018) but before December 31, 2018.The fee payable will increase to Rs 10,000, if the tax return is filed on or after January 1, 2019.However, if the total income of the taxpayer is less than Rs 5,00,000, the fee amount shall not exceed Rs 1,000,โ says Amarpal Chadha, Tax Partner & India Mobility Leader, EY.
However, it is important to note that if you have any unpaid tax liability, then a penal interest on the same would be levied, as applicable to your case, if you have filed a belated return.
But if no tax is payable, the taxpayer won't be liable to pay this interest solely due to the belated filing of ITR for FY17-18.
If the income tax department on assessing your return raises demand for additional tax payment, then you would have to pay penal interest on that tax as well as the additional tax. Therefore, it is advisable to file your return on time.
