The deadline for filing Income Tax Returns for the Financial Year 2015-16 and 2016-17 passed on 31st March 2018. Income Tax Filing should always be the primary concern of all the earning citizens in India. Every tax a taxpayer pays is considered as a major revenue tool for the Government. Well, the last date to file Income Tax Returns for the Financial Year 2015-16 and 2016-17 was 31st March 2018. Here is a list of things that you must know, if you have failed to file your returns on 31st March 2018: –
All About Belated Income Tax Returns
- The salaried individuals were supposed to file their Income Tax Returns for the Financial Year 2016 and FY 2017, by 31st March 2018. If you have failed to file your returns on time, then you will have to file a belated return.
- According to Provision Law an individual can file for belated returns, before the end of the relevant Financial Year.
- The process to file belated returns is same as that of the process to file returns on time. The taxpayer is supposed to select an ITR Form and fill it accordingly. This can be done on IT Department’s website or any Ayakar Seva Kendra.
Since a taxpayer did nit file his/her returns on time, he/she will have to face the drawbacks mentioned below: –
Interest and Penalty
If the taxpayer did not pay the taxes that he/she was supposed to pay, then, in that case, penal interest at 1% per month or part thereof will be charged till the date of payment of taxes. A Penalty of Rs 5,000 may also be charged. The penalty is not levied in all cases, it depends upon the circumstances of the case.
For returns of FY 2017-18 and onwards, penalty of Rs 5,000 will be charged on the returns filed after due date, but if they are filed before 31st December. If returns are filed after 31st December, a penalty of Rs 10,000 shall be charged. However, penalty will be Rs 1,000 for those whose income is upto Rs 5Lakhs.
Unable to Set off Losses
Losses that are experienced other than losses from House Property, will not be carried forward for the subsequent years to be set off against the future gains, for the cases where returns have not been filed before the due date.