File Your Income Tax Return by 31st August, 2018
(Last date for persons whose accounts are not liable for audit)
For e-filing returns of Income log on to on to https://incometaxindiaefiling.govin
Consequences of not filing Income Tax Return on time
♦ Belated return cannot be revised
♦ Fee for late filing under Section 234F:
i. Rs. 5000/- for return filed between 1st September to 31st December, 2018
ii. Rs. 10,000/-for return filed after 31st December, 2018
iii. Rs. 1,000/-for persons having income upto Rs. 5 lakhs
♦ Reduced Interest on Income Tax refund
♦ Interest shall be charged on outstanding tax due for late filing of Income Tax Return return
♦ Losses other than house property loss cannot be carried forward
For whom e-filing of Income Tax Return is compulsory
♦ Individuals & HUf having total income exceeding Rs. 5 lakhs or claiming any refund in the return (excluding Individuals of the age of 80 years or more who are furnishing return in Form No. ITR-1 or ITR-2
♦ Individual or HUF, being a resident other than not ordinarily resident, having any foreign asset/income or claiming any foreign tax relief
♦ Persons filing ITR in Form No.3, 4, 5 or 7
