Finally due date for filing of income tax returns (ITR) for Assessment year 2016-17 and 2017-18 is over. Now its time to get ready for AY 2018-19 ITR to avoid penalty of late filing of income tax return.
Government has introduced new income tax forms for AY 2018-19. Rules are getting tough day by day or we can say that taxpayers must be active and punctual now to avoid any unnecessary penalties.
So here in this article our main objective is to save taxpayers from paying unnecessary penalties. Unnecessary means those penalties which we can avoid by proper follow up.
A new section Sec 234F is inserted to levy penalty for late filing of ITR. Sec 234F is effective from Assessment Year 2018-19 (Financial Year 2017-18).
If ITR for AY 2018-19 is filed after due date (31th July for individuals without audit, 30th Sept for other persons) but before 31st Dec of the Assesment year (31-12-2018 in case of Assessment year 2018-19) then Penalty of Rs.5000/- will be levied and If ITR is filed after 31st Dec then Rs. 10000 will be levied as penalty.
Exception:- If the total Income of a person is below or equal to Rs. 5 Lakhs, then penalty will be restricted to Rs.1000 only.
The fee (penalty) will be as follows:
| Particulars | Fee (Penalty) |
| Return is filed on or before 31st December of Assessment Year but after due date and total Income exceeds Rs. 5 Lakh | Rs.5000 |
| Return is filed on or before 31st December of Assessment Year but after due date and total Income do not exceeds Rs. 5 Lakh | Rs. 1000 |
| In any other case | Rs.10000 |
hello sir
This article has very good information for the filing income tax returns (ITR) issues, truly explains everything in detail, the article is knowable and powerful. Thanks for informing me about the Government’s new Rules for new income tax forms for AY 2018-19 and best of luck with the impending articles. Please write for Online GST Registration
I am already file our itr in year 16-17& 17-18 after that i fail to file itr return what to do now…for continuing our itr so any one inform us7520261070
Sir, i am submitting ITR for 2018-19, my Salary income 298000/- and Designing income Rs 48000/-, TDS Rs 4800/-, for this income which ITR and u/s are select ? 139(9)/ 142(1)/ 148/153A/ 153C
The late of Rs.1000 for incomes less then Rs.5lacs applicable upto and 31st March and not upto 31st December, as reported in this article (Table)
total income for the ay 2018-19 less then 250000/-, then income tax late filing penalty is levied?
Gujarat High Court has recently permitted manual filing of ITR for AY 2018-19 without Aadhaar Card. How can I similarly file ITR without Aadhaar Card in Mumbai?
Even though the due date for filing of it return is extended upto August 2018 the system is calculating penalty us 234F. How it is. Why the due date is extended upto 31.08.2018
Hi
i have paid extra amount in CGST and SGST, also deposited in IGST but i have only Liability in Igst in last month July 2017.
Please intimate that penalty for late filing of return will be levied if admissible tax has already been paid upto 31.3.2018 for FY 1.4.2017 to 31.3.2018.
Before doing and asking us to file the return in time, its better for the goverment to release the filing of GSTR-2 & GSTR-3, so that we can match with the missing invoices, and do accounting correctly.
But goverment won’t do that, and as usual it will corner general public.
IF ANYONE IS HAVING INCOME OF RS. 4 LACS AND 80 C DEDUCTION IS 1.50 LACS THEN STILL PENALTY WILL BE APPLICABLE, IN CASE OF LATE FILING.
sir iam working in APEPDCL so this type of penalties are effected to my profession plz tell me.
Sir, i already filed my income tax returns for the year 2017-18, but my refund is not yet done into my account.i did with in the time limit time.please help me out why this happened?
thank you sir.
penalty or fees
Dear Sir,
When total income does not exceed Rs 500,000, then penalty leviable for late filing of return is Rs 1,000 whether the return is filed on or before 31st December or after 31st December.
DEAR SIR
As per Income Tax Law last date of e-filling is 31 July But Do you Know that about Every Person has not Qualifying this Law of last date because Many Income tax Holder doing our Job in Hill area Like Army Person and Teachers. Kindly think about
hi
please clarify —-
in audit cases of the firms the return is filed on 30 sept or 31 oct as specified by cbdt. then what will be the effect on individuals files of partners relating to that audited firms? is penalty is payable?
Dear sirs, is there any petition filed to give time for filing of ITR for AY 2016-17 and AY 2017-18 being more lacs of Non-filing notices issued to PAN holders after 20th March and reached them until 31st March and after also. More ITRs to be filed for those AYs. what about the situation of closing of filings for AY 2016-17 and AY 2017-18 for those persons. They under fear of any proceedings by the IT Dept. There is a do or die method followed by the Govt.
I am Sr. Citizen getting pension under Superannuation scheme from Annuity purchased by my employer on retirement. I am also receiving professional fees for working as Adviser – Human Resources Management. TDS is deducted from my fees. Please guide which form i have to fill up for filing income tax return for F. Y. 2017-18.
My sister is having only interest from banks, dividends from shares and from various mutual funds. She is also a Sr. citizen. In which form she has to file return? I would be obliged to receive your advise.
the penalty is very steep. due to online/digitization as it is the web sites do not accept the submission after due dates, the penalty should be nominal,delays in getting form 16 and dependence on consultants etc it is requested the penalty be levied after sept @ rs. 100/- per month till march. govt is coercing the people with too much compliance of laws by rampant changes and huge legal burden of penalties on public- gst,corporate, nclt, i.tax,banking etc. too much fear of law may result in no law once people revolt legal loot.
hi
I have retired on 31st October 2017, The will deduct income tax on the basis of normal rate i.e
For first 2.5 lakh, Nil but since I belong to Senior citizen, should I get the benefit of senior citizenship for which first 3.0 lakhs income tax is nil. pls advice
Dear Sir,
We have Pvt ltd company & turnover of FY 2016-17 is approximate 25 Lakhs & TDS is approximate 2 lakhs but due to dispute with Directors not able file Income Tax returns of same y 31-Mar-2018. Now Directors want to file, Please advice, How to go ahead?
Also advise, can we file return of FY 2017-18 without filling of FY 2017-18?
Sir ,
By when are the ITR forms expected to release for AY 2018-19??
Shri Jitendra ji it seems that some drafting error is appearing in your article in last paragraph it should be A Y 2018-19 instead of AY 2017-18. Another one more penalty for income having less than 5 Lacs it would be Rs.1000/ instead of Rs. 5000/
Sir Can I file IT Return for FY 16-17 Now ,I ready pay Penalty what ever. pls reply me i m confused.
Hello sir if income is less then Rs 2.5 Lakh still penalty leaviable ?
Hello Sir, I need some clarification pls leave reply. If the tax liability is not there, whether penalty leaviable or not