Deadline extended for filing Tax returns (ITR) for AY 2018-2019 (FY 2017-2018)

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The government on Thursday extended the deadline for filing income tax return for assessment year 2018-19.

The deadline of July 31, 2018 has been extended by a month to 31st August 2018

Assessee can now file their income tax return (ITR) for financial year 2017-18 (AY 2018-2019) by August 31 without any penalty charges.

 

 

Relief to the taxpayers:   This will be a relief for taxpayers who are yet to file their tax returns as from this year, as per a budget provision, late filing of tax returns will attract a penalty of up to ₹10,000. 

Until last assessment year (AY) there was no penalty for filing belated income tax returns. However, this penalty is applicable from AY 2018-19. A new section 234F was inserted by the government in the Income Tax Act. As per the new provision, a penalty of ₹5,000 will be levied if the return is filed after the due date but before 31 December and the penalty will be ₹10,000 after 31 December.

However, if the taxpayer’s income is less than ₹5 lakh, maximum penalty levied is capped at ₹1,000.

 

Filing Income tax return in quite easy on the Income Tax eFiling website:

  1. Check which ITR form is applicable to you –  Check here  If you are a salaried person, most likely you need to file ITR 1 or ITR 2
  2. If you need to file ITR1, you can directly file it online. See step-step-step guide details
  3. If you need to file ITR2, then you will need to upload the return in the excel file to the Income tax website (see step-by-step guide)
  4. Make sure you check your Form 26AS that shows all the Tax deducted against your PAN – Read how to check Form 26AS online
  5. When you file the returns, and if there is any tax due, then you need to pay it online – see details how to pay the tax
  6. After you file the returns, you need to validate the return using EVC (Electronic verification code) – see how to verify ITR using EVC

 

Feel free to ask any tax related questions below.

 

3 Replies to “Deadline extended for filing Tax returns (ITR) for AY 2018-2019 (FY 2017-2018)”

  1. Is Filing Itr for AY 2018-2019 in the month of march 2019 require to pay penalty or not. March 31 2019 is last date,if yes how much

    1. From April 1 2018, if you file your ITR post the deadline of July 31, 2018 (unless the tax department extends it), you will be liable to pay a maximum penalty of Rs 10,000.

      As per the new law, a penalty of Rs 5,000 will be levied if the return is filed after the due date but before December 31 of that year and Rs 10,000 post December 31. However, as relief to small taxpayers, if your income is not more than Rs 5 lakh, the maximum penalty levied will be Rs 1,000.

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