CA Chirag Chauhan
Most of tax payers comply with 31st July (Income Tax Return Due Date extended to 31/08/2018 for A.y 2018-19) deadline for filing Income tax returns. However many miss out due to other commitment in professional and personal life. Missing the deadline does not mean you cannot file your return. Infact if you have missed to file your return for last year ended March 2018, you can still file the return however there are some catch. Read the article to know in detail importance of filing of return by 31 August and and methods to file return after due date.
What Section 139(1) Says?
a. being a company or a firm; or
b. being a person other than a company or a firm, if his total income or the total income of any other person in respect of which he is assessable under this Act during the previous year exceeded the maximum amount which is not chargeable to income-tax ,shall, on or before the due date, furnish a return of his income or the income of such other person during the previous year, in the prescribed form and verified in the prescribed manner and setting forth such other particulars as may be prescribed
31st August is the last date to file tax returns for individuals and those whose accounts are not subject to any audit. The assessee can do himself or call on his chartered accountant who can file the tax returns by just asking for few information.
What Section 139(4) says?
Any person who has not furnished a return within the time allowed to him under sub-section (1), may furnish the return for any previous year at any time before the end of the relevant assessment year or before the completion of the assessment, whichever is earlier
What if you have not filed your return by due date?Don’t feel dejected.
You can still file the returns until March 31, 2019 but you will have to pay late filing fees u/s 234F. The structure of late filing fees have been explained below:
|Serial No.||Date of Filing Return||Amount of late filing fees u/s 234F (Rs)|
|1.||If the return is filed after the due date but on or before 31st December of the assessment year||5,000|
|2.||If the return is filed after 31st December of the assessment year||10,000|
However if the total total income does not exceeds Rs 5 lakhs the amount of late filing fees shall not exceed Rs 1,000.
Apart from late filing fees there are few other consequences as mentioned below:
Importance of filing Income Tax return for various reasons:
For any query you can write to Chirag@cachauhan.in . Before making any decisions do consult your Professional / tax advisor. Author does not take any responsibility for misrepresentation or interpretation of act or rules. Neither the author nor the firm accepts any liability neither for the loss or damage of any kind arising out of information in this document nor for any action taken in reliance there on.
(Republished With Amendments)