The due date for return filing of the assessee who are individuals (other than partners of firms/ LLP whose accounts are required to be audited), partnership firms/ LLP, Association of persons, Body of Individuals and Trusts, other than those whose accounts are required to be audited under any law, for the Assessment Year 2018-19 (Financial Year 2017-18) is 31 July 2018. Further the income-tax law has introduced section 234F according to which –

a.  If the return of income is filed between 01 Aug 2018 – 31 Dec 2018, a late fee Rs. 5,000 (Five Thousand) will be charged. However, If total income does not exceed Rs.5 Lakhs then this Late fee will be restricted to Rs.1,000 only.

b.  If the return filed between 01 Jan 2019 – 31 Mar 2019, a late Fee of Rs. 10,000 (Ten Thousand) will be charged. If total income does not exceed Rs. 5 Lakhs then this Late Fee will be restricted to Rs.1,000 only.

Interest under section 234A, 234B and 234C for delay in return filing and short payment of taxes will continue to apply accordingly.

Additionally, the last date of linking AADHAR is 30 June 2018. Therefore, to avoid end moment rush and various server and technical issues of Income-tax department, it is advisable that the return of income is filed keeping a target as 30 June 2018.

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Tags : Income Tax Return (455) ITR (630)

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