CMA Arif Farooqui
1. In case of person who are not liable to get their Accounts Audited is 31st August 2018 (extended from 31st July 2018)
2. In case of person whose accounts are liable to be audited under any law is 30th September 2018 and partner of such firms and all companies.
3. Where the assessee is required to furnish report u/s 92E pertaining to international/specified domestic transaction-30th November 2018
In first case (31st August 2018) person who has earned income from salary, pension, Interest income, Capital Gain, Income From house property and person owning small business and not liable to get their accounts audited are covered.
We Indians, always wait for last date for any task whether it filling of examination form or Income Tax Return. As we all knew last date for filling of Income Tax Return for A/Y 2018-19 was extended from 31st July 2018 to 31st August 2018 but still there are many who have not filled their Return and now all these persons seeking appointment with their CA/CMA.
The assessee shall be liable for late filing fees under section 234F from A.Y 2018-19 onwards. The late filing fees is explained in table 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 31stDecember 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.
Now you would like to know why people are so much worried about the due date, the reason is that as due date has been linked with various other section of the Income Tax Act, so it is significant in that manner Apart from this, hype created by CA/CMA and Income Tax Department too play its role, So I have given some of impact of late filing of the Income tax return and issues related to due date of Income Tax Return.
1. You will not be able to carry forward your Speculation loss or loss from specified business , capital loss , loss due to owning and maintaining of race horses.
2. Loss of Interest on refund : You may loose interest on refund u/s 244A specially in case if you are claiming a Major amount as refund.
3. Interest u/s 234 A:If there is tax due after deducting Advance Tax, TDS and Self Assessment Tax than interest will be applicable @1% per month and part thereof up to the date of filing of the return besides interest applicable u/s 234 B or 234 C. Means this interest is applicable only if there is any tax payable in your return. (online calculator is available at below link)
So if you are ambit of the above points then you should furnish your return up to 31st August 2018 or 30th September 2018 as the case may be.
If you have
a) Already deposited due tax or due taxes has been deducted and nothing is due or
b) You are not claiming a Major Amount as refund or
c) You have no losses to be Carry Forward or have loss under House Property, Unabsorbed Depreciation and Capital Expenditure on Scientific Research to Carry Forward.
Then you can fill return up to the end of the Assessment Year i.e. 31st March 2019 without any penalty.
If you have
i. Balance tax to be deposited or short fall of tax or
ii. Huge amount of refund due to you or
iii. losses to be carried forwarded as explained above
Then it is advisable for you to file your return on time.
(Author can be reached at email@example.com)
(Republished With Amendments)