Understanding Different Tax Notices Under IT Act
May 1, 2018
TRACES Login & Registration Process Guide
May 2, 2018

Last Date to File ITR & Other Related Due Dates

Last Update Date : August 11, 2018

This article by H&R Block will help you track all the important income tax related due dates including the due date of filing Income Tax return and the consequences of late filing.

What is the Last Date for filing Income Tax Return for AY 2018-19?

  • The last date to file ITR is 31 August 2018.
  • As taxpayers, individuals, as well as establishments that earn income, are required to file their taxes based on the source and nature of the income and an applicable percentage of tax is required to be paid on the particular days as notified by the IT Department. Certain types of taxes are collected on a regular or periodical or on an occasional basis.
  • Assessment year is the year in which we assess income, pay taxes and file tax return for the previous year or the financial year. So, for the financial year 2017-18, the AY is 2018-19. The last date to file the tax return for financial year 2017-18 is 31 July 2018.

Other Important Return Filing Due Dates for AY 2018-19 (FY 2017-18)

Particulars AY: 2018-19 Due Dates
Individuals/Body of Individuals (BOI)/Hindu Undivided Family (HUF) /Association of Persons (AOP)  

31 August 2018

Due date of filing the Income Tax Return by businesses whose Books of Account are not required to be audited 31 August 2018

 

Filing ITR Due Date for (Assessee who are required to furnish report under sec 92E)

 

30th November 2018

 

Due date of filing the Income Tax Return by businesses whose Books of Account require audit 30th September 2018

Important Advance tax filing due dates for FY 2018-19:

Particulars FY: 2018-19 Due Dates
Due date for the First instalment of Advance Tax for the FY 2018-19 15th June 2018
Due date for the Second instalment of Advance Tax for the FY 2018-19 15th September 2018
Due date for the third instalment of Advance Tax for the FY 2018-19 15th December 2018
Due date for the fourth and final instalment of Advance Tax for the FY 2018-19 15th March 2019

What is Income Tax?

The Income Tax (IT) Department governed by the Department of Revenue under the Ministry of Finance to administer the laws, rules, and notifications related to Income Tax levied a direct tax which you pay directly to the government on your income widely known as Income Tax. It is generally imposed on the individuals, Hindu Undivided Families (HUF’s), companies, firms, LLP, association of persons, body of individuals, local authority and any other artificial juridical person depending on their residential status. Income Tax is the key source of revenue for the government of India to fund its activities and serve the public.

[ Read: Income Tax in India ]

Income Tax e-filing by tax experts

What is a Belated Tax Return?

A tax return filed after the due date of that year is considered a belated return or a late tax return.
Till the financial year 2015-16, taxpayers had more time, and they could file belated returns before the end of two years from the end of the relevant financial year. But from AY 2018-19, belated returns must be filed by the end of the calendar year i.e. 31st December 2018.

Penalty for Late Filing of Income Tax Return for AY 2018-19

  • From AY- 2018-19, a fixed amount of penalty will be charged on belated tax returns.
  • Section 234F, which proposes a late fee of Rs 5,000 if the return is filed after the due date and up to 31 December, Rs 10,000 (from 1 January) up to 31 March of AY here, up to 31st March 2019.
  • However, if the total taxable income of a person doesn’t exceed Rs 5 lakh, the late fee shall not exceed Rs 1,000.
  • It is not about penalty and Interest but besides these, there are other drawbacks too. One of these is not being able to carry forward capital losses.
  • Certain losses like those from business and profession and short-term capital loss may not be allowed to be carried forward.
  • Tax payer would not receive any interest on the refund.

[ Read: Notice u/s 234A – Tax Penalty ]

What will happen if you don’t even File a Belated Return?

  • Besides penalties and disadvantages that a belated return invites the income tax department can send you a notice of inquiry under section 142(1) of income tax act.
  • Or a notice of income escaping assessment (section 148).
  • In order to seek clarification on why the tax return was filed late and thereby, you will be asked to file the return online as per the date specified in the notice.

How H&R Block can help you?

It is important to file your Income tax return on time. Procrastinating or not filing your return on time can put you into unnecessary problems. Notices, interest, penalty and prosecution can all be easily avoided if you file your tax return accurately on time. H&R Block is the largest income tax preparation service provider in India with a proficient team of in-house tax experts who can e-file Income tax return for you.

e-File your tax returns with ease and convenience with H&R Block

Most Frequently Asked Questions

Q. Where to get ITR forms?

A. The new ITRs have been uploaded on the official website of the Income Tax department.

Q. Am I required to pay any tax on the gift money received from my friend at the time of my wedding?

A. No, any money received from friends on the occasion of marriage of an individual is exempt from tax. Read more on Exemption on Gift Tax in India.

Q. In the challan there are terms like Income tax on companies & Income tax other than companies what do you mean?

A. The tax that is to be paid by the companies on their income is called as corporate tax, and for payment of same in the challan, it is mentioned as Income-tax on Companies (Corporation tax)-0020. Tax paid by non-corporate assessees is called as Income-tax, and for payment of the same in the challan, it is to be mentioned as Income-tax (other than Companies)-0021.

Q. How many times can I file the revised return?

A. You can do it multiple times until the expiry of one year time limit.

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