31st August is the last date to file Income Tax Returns
Posted on: 27/Aug/2018 4:15:22 PM
The last date for filing Income Tax returns is 31st August. The IT department officials have informed that no further extension on this deadline will be given.
The last date for filing Income Tax for the current IT assessment year 2018-19 (the financial year 2017-18) had earlier been announced as 31st July. However, as some technical problems occurred while filing Income Tax returns online, the individuals who filed their IT returns online asked for some time extension.
Subsequently, the deadline for filing Income Tax returns was extended up to 31st August. The IT department higher officials have informed that no further extension will be given.
They further informed that as per the newly introduced 234F section, no extra charges will be levied for those who file their Income Tax returns before 31st August.
The IT returnees who do not exceed an annual income Rs. 5 Lakhs filing their IT returns after 31st August but before 31st March (next year) need to pay a late penalty of Rs. 1000.
Those who have annual incomes over Rs. 5 Lakh,s filing their IT returns after 31st August but before 31st December will need to make a late penalty of Rs. 5000.
Those who have an annual income of over Rs. 5 lakhs and filing their IT returns after 31st December but before 31st March will need to a late penalty of Rs. 10000.
As per the section 139 of the Income Tax Act, it will not be allowed to file the Income Tax returns after the end of that relevant assessment year.
In other words, for the IT assessment year 2018-19, the filing of IT returns cannot be done after 31st March (2019).
Further, all those who file IT returns must do it on electronic mode. For those who earn through monthly salaries, other wages/salaries, and those who earn income through a single own house or those who have random income will have to file their IT returns by filling ITR-1 (Sahaj) or ITR (Sugam) forms in the paper form as per the regulations.
Accordingly, the individuals who crossed the age of 80 in the previous year or above, those who had the annual income of less than Rs. 5 Lakhs and those individuals who have not claimed any refunds are all eligible to file their Income Tax Returns in paper format.
