Income Tax Return

31^st March- Last Chance to file Income Tax Return for FY 2015-16 & 2016-17

The due date for filing the income tax return for the FY 2016-17 in case of Taxpayers not covered by audit provision was 31^st July. For taxpayers who required to get the books audited & for companies, the due date of filing the income tax return was 30^th September. Even though the due date of filing the income tax return is over, still return could be filed on or before 31^st March. The return filed after the due date are referred to as “Belated Return”.

Earlier, 2 years time period was allowed for filing the belated return. As a result, it is possible to file the return for the FY 2015-16 also by31.03.2018. By the Finance Act-2017, the period of 2 years to file the belated income tax return is reduced to 1 year by the. As a result, Income Tax return for the FY 2016-17 cannot be filed voluntarily after 31.03.2018. There are lot many taxpayers who have failed to furnish the income tax return & has started receiving notices [u/s 142(1)] for filing the income tax return for the FY 2016-17.  31^st March 2018 is the last date & last chance to file the return of income voluntarily.

There is one more notable change for the income tax return pertaining to current FY 2017-18. The return is compulsorily required to be filed within the due date. If the return is not filed within due date then late fee (& it is not termed as Penalty) would leviable on such return, which is as under:

1.      For taxpayer with income exceeding Rs. 5 Lakh, Late fee would be as under:

a] Rs. 5000/- if return is filed by 31^st December
b] Rs. 10,000/- if return is field after 31^st December.

2.      For taxpayer with income up to Rs. 5 Lakh, Late fee would be Rs. 1,000/-.

When the late fee would be payable?

Whether the late fee would be payable at the time of filing the income tax return or after the return is filed. Income tax return for the FY 2017-18 are not yet notified. However, informal discussion conveys that the new form would incorporate the column for late fee payment and IT system will not accept the return without the late fee.

---

 

 

---