The last date to file Income Tax Return for the Financial Year 2017-18 was extended from 31st July 2018 to 31st August 2018. If you could not file your Income Tax Return in the stipulated time, then don’t worry, as you have a chance to file your Income Tax Return now. The most important thing that you are required to keep in mind while filing your Income Tax Return is, now you will filing belated ITR and it can cost you a fortune.
As per Section 234F of the Income Tax Act, a taxpayer will have to pay heavy penalty for the late filing of Income Tax Return, but before we tell you about the penalty you are supposed to pay you must know the following:
- What is a belated Return?
If a taxpayer fails to file his/her ITR by the due date, then they can file a belated return as per section 139(4) of the Income Tax Act.
- Until when can a taxpayer file belated return?
A taxpayer can file the belated return till the end of the relevant assessment year. Which means a taxpayer who wants to file ITR for the Assessment Year 2018-19, can file his/her belated return till 31st March 2019.
- Is it possible to revise belated return?
Belated returns from the Financial Year 2016-17 can be revised, but any belated return filed before that cannot be revised, due to change in the Income Tax Rules.
If you wish to file belated return for the Financial Year 2017-18, then you will have to pay a penalty of Rs. 1000, Rs.5000 and Rs. 10,000 depending on the degree of delay in filing. If you file ITR after 31st August 2018, then you will have to pay a penalty of Rs. 5000, in case if you file your ITR after 31st December 2018, then you will have to pay a penalty of Rs. 10,000. If a taxpayer has annual income of Rs.5lakh then they will have to pay a penalty of Rs. 1000.