It is without question that the country is a huge family that requirements assets to be run easily and in an unhindered way.

Everybody who leads any kind of monetary activity in India; be it a business, a vocation or a calling; and gains or receives a specific income in return, over as far as possible is liable to an installment of the income tax.

All people whose income relating to earlier year surpasses the base chunk, should document their income tax return according to the section 139(1) of Income Tax Act, 1961.

#1. What Is The Due Date For ITR Filing For Individuals?

According to the Income Tax Act 1961, every one of the people who are liable to an installment of income tax must record their Income Tax Return most recent by 31st of July consistently.

#2. How Seriously Are The Tax Compliance Rules Taken In India?

It is an old disease in India that regardless of repetitive updates, there are sure tax assessees who turn a deaf ear and neglect to meet the due date for Income Tax Return Filing. They are utilized to record late returns or neglect to document the return of income.

This has happened on the grounds that, before the present arrangement of income tax, penalty on late filing of return was not compulsorily upheld by the Department. Thus, tax assessees used to take the provision of timely filing of return for granted.

#3. Imagine A Scenario Where Income Tax Returns Are Not Filed On Time.

Most likely, disregarding the tax consistency due dates have turned into a propensity for some Indian natives. In any case, such rebelliousness will now represent an enormous result for every one of the defaulters.

From the financial year 2017-18 onwards, another section has been presented, i.e. Section 234F of Income Tax Act-1961, wherein the inability to meet ITR filing due date will attract a required penalty of ₹5,000/ – if a late return is documented at the very latest 31st December of the assessment year.

Furthermore, this makes it genuinely basic for the taxpayers to comply with the due date for the Income Tax Return filing, which is 31st July 2018.

#4. Imagine A Scenario In Which Income Tax Return Not Filed Even Before 31st December Of The Assessment Year.

Regardless of attracting the penalty of ₹5,000/-, if the procedure of ITR filing on the web is postponed toward the finish of the taxpayer, past 31st of December, the thorough penalty will be reached out to ₹10,000/-.

Along these lines, from this year onwards, a tarrying in satisfying e-filing of Income Tax Returns will truly mean bringing about an enormous whole as fine.

#5. Is there any exemption in regards to the measure of penalty for late ITR filing?

Truly. On the off chance that the aggregate income of the individual doesn’t surpass ₹5 lakhs, the late charge will not surpass past ₹1,000/ – u/s 234F(1.b) of Income Tax Act-1961.

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Member Since: 05 Mar 2018 | Total Posts: 23
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11 Comments

  1. OM says:

    I somehow missed filing return for FY2010-11. I served notice to file the return, in response to which I filed the return in year 2017. All my tax liability was already deducted in the form of TDS. I was eligible for some tax refunds, but wasn’t given any tax refund. After filing return, I am now slapped a notice of fine of ₹5000. What should be my reply to this notice?

  2. Koustubh Patil says:

    what if a person is suffers from serious illness n was not able to file itr in the stipulated time period. Will he/she still be penalized? if not then what can be done to avoid such penalty?

  3. T V VENKATARAMAN says:

    The fee payable u/s234F for delayed filing of return of income is applicable from the financial year 17-18 ( Assessment Year 18-19). Your view in 2nd para of point 3 above needs to be amended.

  4. v.shanmukha rao tax consultant says:

    how can possible for itr filing for partners/directors individual returns filed with in the due of 31 july 2018

  5. rm says:

    IN INDIA EXCEPT FOR GOVT PAYMENTS AND GOVT STAFF AND PUBLIC REPRESENTATIVES SALARIES AND ALLOWANCES, THERE ARE NOT FIXED DATES/CREDIT PERIODS IN THE MARKET/ECONOMY FOR PAYMENT AND RECOVERY OF DEBTS DUE TO VARIOUS FACTORS. IN THIS BACK DROP HOW IS THE DEPT OF TAXES AND REVENUE JUSTIFIED IN ENFORCING DATES AND PENALTIES WITHOUT REVIEWING ON CASE TO CASE BASIS REASONS FOR DELAYS.THESE COMPULSIONS WILL CREATE MORE DEFAULTS AND LAPSES FROM PUBLIC. GOVT IS FOR THE PEOPLE OF THE PEOPLE AND BY THE PEOPLE. THE TAX FILING & PAYMENT SYSTEM ALSO SHOULD BE DONE PAINLESS AND BURDEN FREE TO THE PUBLIC /MASSES

  6. JIGNESH MAHENDRAKUMAR VORA says:

    STILL SOME OF BANK HAVE NOT UPLOADED TDS DATA AND IF WE FILE RETURN THAN THERE IS CHANCES OF MISTMATCH IN TDS WITH 26AS. AND CPC WILL RAISE THE DEMAND FOR THE SAME.

  7. GANDHI MOHAN BHARATI says:

    Why NO exemption to our valiant soldiers fighting terrorists and savinus, living at siachen at 18,000 feet and above, submariners under the waves ?

    Lip service to our Solsiers. ll my effort in writing to all possible higher ups including the 3 Chiefs of Staff have been ignored

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