According to the great scientist Albert Einstein “The hardest thing to understand in this world is the Income Tax”, is it? You might not be sure though. But yes! Income Tax as the name suggests is the tax on one’s income. It is very painful to pay a portion of your income as tax to the government, especially when you put all your efforts in order to earn that income and it becomes more frightful when you miss the dead line. So it’s better to be early than being late and regret. Here, in this article by H&R Block, we would discuss in depth about the due date of filing an Income Tax return and the consequences of late filing.
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 ]
|Particulars AY: 2018-19||Due Dates|
|Individuals/Body of Individuals (BOI)/Hindu Undivided Family (HUF) /Association of Persons (AOP)||
31st July 2018
|Due date of filing the Income Tax Return by businesses whose Books of Account are not required to be audited||31st July 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|
|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|
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.
[ Read: Notice u/s 234A – Tax Penalty ]
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.
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.