File ITR now.

0
82
ITR
ITR

Everyone who has income is supposed to pay Income Tax in India. There are chances that, you may have not filed the ITR for the previous Financial Years. Do not make the mistake that you have been making since ages. Now is the time to file Income Tax return, if you haven’t filed it, the last date to file Income Tax Return is 31st July 2018 for the Financial Year 2017-18 that is Assessment Year 2018-19.

Download Click Here and use our Android App to file Income Tax Return

What is the solution for the people who never filed their ITR (Income Tax Return) in the previous years: –

Filing Income Tax Return

Irrespective of your previous Income Tax Records, it is never too late for you to file ITR, as there are several serious consequences if you fail to file your Income Tax Return. Depending on the taxpayer’s taxable income and extent of delay in filing income tax returns, one has to pay a mandatory penalty of Rs1000/Rs5000/Rs10,000 which will be applicable for delays in filing tax returns for Financial Year 2017-18 onwards, the penalty of Rs 5,000 which was applicable in the past was not levied in all cases.

Download Click Here and use our IOS App to file your Income Tax Return

As per the Income tax law, taxpayers can only file a belated tax return, that is a tax return filed after the filing deadline, by 31st March of the assessment year that is the year following the financial year. Even if a taxpayer has missed this deadline for filing of a belated income tax return, then in that case it is advisable to deposit the outstanding taxes into the Government treasury along with applicable interest for the same.

What are consequences, of late filing of ITR?

Other than the mandatory penalty, the taxpayer will have to pay an interest of 1% on the balance tax payable for each month of the delay in filing of income tax return will be levied on the taxpayer. Moreover, in case of a belated ITR, the taxpayer is robbed off their ability to carry forward certain losses in business to the next assessment year.

SHARE
Previous articlePay less Income tax by trying these 3 things
Next articleMajor Changes in ITR Forms
All India ITR
All India ITR, one of India’s leading tax prep websites offering personal tax solutions focussing on income tax return filing through tech platforms, be it the web, Android or iOS, is dedicated to making tax returns as easy and convenient and yet as complete as possible. With value added services to help maximise tax savings and minimise tax outgo and tax investment advice the comparative advantage of specialization allows us to uniquely serve our clients. All India ITR is certified to conduct E-return intermediary services by the Income Tax Department of India.

LEAVE A REPLY

Please enter your comment!
Please enter your name here