Zee News :Business

Loading...

ITR filing last day today. what happens if you miss today's deadline.

-


  • Taxpayers must keep all the required details like PAN, Form 16 and other important documents in hand while filing the returns
  • Until the last assessment year, i.e., AY 2017-18 there was no penalty for filing belated income tax returns. 
  • Now, as per section 234F, an individual would have to pay a fee of up to Rs 10,000 for filing ITR after the due date.
India: Friday is the last date to file Income Tax return or ITR . This year, tax filers are required to submit the returns for 2017-18 financial year and the assessment year would be 2018-19.
The deadline to file income tax return (ITR) which was extended by a month to August 31, 2018 is expiring today. If you still have not filed your tax return, it is important that you do it on time due to the changes introduced in last year's Budget. 


However if you still delay in filing yout ITR then you might face:


The Penalty
Last finacial there there was no penalty for late filing of ITR but A.Y. 2018-19 penalty is applicable on late filing that is after 31st August midnight(Today).

Here is a slab for Penalty (An important fact As per the amendments made in the Finance Act 2017)
  • For Taxpayers with income of less than or Rs.5,00,000 the fee amount will not exceed from Rs. 1,000.
  • For Taxpayers with income of more than Rs. 5,00,000 are liable to pay Rs.5,000 fees if filing after 31st August but before 31st Deceomber 2018.
  • If ITR is into filed on or after 1st January 2019 then fees applicable will be increased to Rs. 10,000.
However, it is important to note that if you have any unpaid tax liability, then a penal interest on the same would be levied, as applicable to your case, if you have filed a belated return.
But if no tax is payable, the taxpayer won't be liable to pay this interest solely due to the belated filing of ITR for FY17-18. 



Can you revise belated ITR? 
Yes, you can. An ITR filed after the due date is called a belated return. It can be filed before the end of the relevant assessment year, i.e., before March 31, 2019 in this case. From FY16-17, i.e., AY17-18 onward, you are even permitted to revise a belated return. 

However, if you file your return after the deadline, you will lose out on certain benefits and a penalty will be levied. 


How much time do I get to verify my return? 
Merely filing your tax return is just half of the process – you need to verify it as well. As per the present tax laws, you can verify your return within 120 days of filing it. 



Can I carry forward losses if I file belated return? 
As per the Indian income tax laws, losses under any head of income (other than income from house property), can be carried forward only if the tax return is filed within the due date, i.e., July 31 now August 31.However, taxpayers can carry forward the loss under the head income from house property, even if the tax return is filed after the due date 
An exemption for Kerala



Meanwhile, the government has extended the last date for filing Income Tax returns(ITR) in the flood-hit state of Kerala. The southern state witnessed the worst flood situation in a century.

"In view of the disruption caused due to severe floods in Kerala, the Central Board of Direct Taxes (CBDT) hereby further extends the due date for furnishing Income Tax returns from August 31, 2018 to September 15, 2018 for all Income Tax assesses in the state of Kerala, who were liable to file their Income Tax returns by August 31, 2018," a notification from ministry of finance stated.
It can be noted that the extension of ITR deadline is only for taxpayers in Kerala.


 How to file an ITR






Location: Indore, Madhya Pradesh, India

Comments

Post a Comment

Popular posts from this blog

Atal Bharat

-
Image
Atal bihari Vajpayee may have passed away but not his achievements and lessons.  Long live and prosper, Atal Bharat Key takeaways and achievements by Shri Atal Bihari Vajpayee, that sprung up major political, financial, development, and social reforms in Indian history. Atal ji in Numbers: Lived 93 years ( 25 Dec 1924 - 16 Aug 2018 ) 10th Prime Minister of India Prime Minister for 3 times ( 13 days in 1996, for a period of eleven months from 1998 to 1999, and then for a full term from 1999 to 2004) In his 3rd term as PM, the GDP rate was above 8%, inflation was below 4% and foreign exchange reserves were overflowing. Look East policy:  "Look East" policy was developed and enacted during the governments of prime ministers P.V. Narasimha Rao (1991–1996) and further developed by Atal Bihari Vajpayee (1998–2004). The Look East policy back then emerged as an important foreign policy initiative of India in the post-Cold War period, following the colla...
Read more

Know How to Link AADHAR WITH PAN Last day for linking Aadhaar with PAN; govt may extend deadline

-
Image
Last day for linking Aadhaar with PAN; govt may extend deadline and Know "How to link Aadhar with PAN" "NEW DELHI: Ahead of the August 31 deadline of linking  Aadhaar  with  PAN (Permanent Account Number), reports have emerged about the extension of deadline. News agency PTI, quoting a source, reported that the Finance Ministry is likely to decide on the matter on Thursday. "The government will decide tomorrow if the deadline for PAN-Aadhaar linking will be extended," the source said on Wednesday. However, earlier this month,  UIDAI  CEO Ajay Bhushan Pandey had said that tax payers will have to link their PAN with Aadhaar by the stipulated deadline as the Supreme Court verdict on privacy has no bearing on the requirement." Source: Times of India How To link Aadhar With PAN Follow these Steps: 1- Get Aadhar and pan card ready in your hand and click on this link https://www.incometaxindiaefiling.gov.in/e-Filing/Services/...
Read more

Start investing in "Ganesh Chaturthi" The beginning of Holy Season

-
Image
Benefits of investing in this holy season   Good time to start   Ganesh   Chaturthi  is a festival of  Lord  Ganesha  is also called as “ Vighnaharta ” or the remover of all troubles ,  marks the beginning of  festival season, up to  Diwali . This period is considered as an auspicious time  for making right investment.  Thus, you can start thinking about  Financial Planning   with the blessing of Lord  Ganesha .   Take a step towards  Creating  Wealth    You can start Investing with as low as Rs.500 a month  systematically thr ough  SIP  (Systematic Investment Plan) plans.   Regular monthly investments can lead to a huge corpus in long run without being worried about taxes on returns.   Illustration * :   SIP  started in the  Same  month 10 years Ago.     Source:  valueresea...
Read more

5 Warren Buffett quotes that can help you invest better in volatile times

-
Image
W arren Buffett| Net worth - USD 87.3 billion| CEO and largest shareholder of Berkshire Hathaway Warren Buffett continues to be one of the richest in the world. The firm has stakes in Coca-Cola, American Express and Wells Fargo, among other profit-making firms Here are five quotes of the great investor – Warren Buffett that may help you to create wealth in long term When stock markets turn volatile many investors find it difficult to stay the course. Some investors want to sell off and want to hoard their cash. Some prefer to start buying the stocks that are falling the most. But such knee-jerk reactions may not create wealth for you. Here are five thoughts of Warren Buffett that may guide you in your investment actions in such volatile times. It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price. Quality matters. Just because a company has fallen 20% from its 52 week high does not make it a great value buy. Do check the...
Read more

Reliance Industries on Boom

-
Image
RIL rallies over 2% post Q3 results; brokerages see up to 18% upside in 12 months Reliance Industries Ltd   (RIL) rose as much as 2.5 percent in morning trade on Monday, after the oil & gas major reported a consolidated profit growth of 16.2 percent QoQ (25.1 percent year-on-year) at Rs 9,423 crore for October-December quarter, driven by petrochemical and Jio businesses. Consolidated revenue from operations during the quarter grew 7.8 percent quarter-on-quarter (21.75 percent YoY) to Rs 1,02,500 crore, aided by volume increase with the start-up of petrochemicals projects and increase in prices in refining and petrochemical businesses. Most brokerages maintain their buy recommendation on the stock but raised their 12-month target prices to Rs1125 levels which translate into a rise of 18 percent from current levels. CLSA: BUY| Target raised to Rs1125 from Rs1080 CLSA maintains a buy recommendation on RIL but raised a target price to Rs1125 from Rs1080 levels. T...
Read more

4 reasons why you should invest in tax saving mutual fund SIPs

-
Image
4 reasons why you should invest in tax saving mutual fund SIP      One should always plan their tax related investments in advance and invest through SIP route in ELSS to get the benefit of rupee cost averaging.                           By investing in ELSS mutual funds, one is eligible for tax deduction up to Rs. 1,50,000 u/s Section 80C of Income Tax Act. If you invest Rs. 1,50,000 in ELSS, you will save Rs. 45,000 (30% on top tax bracket). So the amount that you plan to invest in ELSS can be deducted from your income before calculating taxes. This is subject to an overall cap of Rs. 1,50,000 on the investment amount along with other tax saving instruments.  Start investment early Many tax-payers normally tend to start investing in ELSS funds only towards the end of the financial year, when the time to submit investment proof is upon them. This is a bad investment and tax-plan...
Read more

India to be 5th largest economy in 2018

-
Image
India Prime Minister Narendra Modi during the inauguration of a section of Delhi Metro in Noida, 25 kms east of New Delhi on December 25, 2017. India is set to emerge as the world's fifth largest economy by overtaking Britain and France, a report by a global forecaster showed on Tuesday. And, India will emerge as the world's third largest economy by 2027, the report by the Centre for Economics and Business Research (Cebr) said. "The World Economic League Table shows that despite temporary setbacks from demonetisation and the introduction of the new GST, India's economy has caught up with that of France and the UK and in 2018 will overtake them both to become the world's fifth largest economy in dollar terms," Cebr deputy chairman Douglas McWilliams said. India is projected to surpass Britain to become the world's fifth largest economy in 2018.Source Forbes "On some cost of living adjusted measures India is already the world...
Read more

Don't be late in planning early retirement

-
Image
A big challenge for financial planners is to deal with instances of people dying too young. A bigger challenge is when people live too long. However, the biggest challenge is when they retire too young and live too long. Let me explain. Earlier, it was normal for people to work till 60 and live till about 75. They had to plan for only 15 years of retirement. Today, many of my clients ask me if they can retire at 45. However, the average lifespan of men and women has increased. They say that the person who will live till age 150 is already born. So how does one plan to have a working lifespan of 20-25 years and a retirement lifespan of 50 years? People who have successfully' retired have set themselves a clear path towards this goal, which involved meticulous planning. These people have chosen to be free from worries about whether they are in or out of favour with their bosses, whether they will get that big salary hike, or whether they can retain their jobs next year. It...
Read more

Sensex bounced 450 pts back; top factors that fuelled buying spree on Dalal Street

-
Image
Sensex bounced 600 pts back; top factors that fuelled buying spree on Dalal Street The domestic equity market made a smart comeback on Monday after a disappointing last week, as BSE Sensex surged over 450 points to 33,759, while Nifty50 rose 142 points to 10369 in late afternoon trade.  So what drove Monday’s bull run? Going by the buzz on Dalal Street here is a list of key factors that lifted the market.
Read more