IT Dept announces a penalty on failure to file IT returns before 31st July
Posted on: 16/Jul/2018 3:58:07 PM
The Department of Income Tax has announced that all Income Tax returns must be filed before 31st July filing which there will be penalties for the delay.
Under the IT Act 44-AB, those who do not necessitate audit for their accounts will have to file their IT returns for the Assessment Year 2018-2019 (the financial year 2017-19) will have to file their Income Tax returns before 31st July, which is the last date for filing IT returns.
The people who ear monthly salaries, pension, those who earn through real estate property, those who earn through capital investment money appreciation or by their work, and those who earn income through other sources all come under the above category.
Here are the details of the people who will have to pay the penalties for delayed Income Tax Returns Filing as per the newly added clause 234 F in the Income Tax Act:
For those that file their Income Tax Returns before 31st July need not pay any penalty.
The people whose income are less the Rs. 5 Lakhs and file their Income Tax Returns after 31st July will need to pay a penalty of Rs. 1000 filing their returns before 31st March.
Those whose annual income exceeds Rs. 5 Lakhs filing in the period after 31st July but before 31st December will need to pay Rs. 5000 as the penalty. In case they file their Income Tax retrurns in the period between 31st December and 31st March, will need to pay the penalty of Ra. 10000 for the delay.
A per the new procedure under the Income Tax Act, under the section 139, it will not be possible to file any IT returns as per the assessment year.
For example, those who file their IT returns for the assessment year 2018-19. Filing of IT return will not be possible after 31st March.
All the Income Tax payers file their IT returns online. Those who earn monthly salaries/pension/other incomes or approximate amount of income can file IT returns in the Form ITR-1 (Sahaj) or ITR-4 (sugam) in the written paper format as per the conditions below:
As per this, those who are in the age group of 80 and above and those who have an annual income of less than Rs. 5 Lakhs and those who do not claim a refund of tax paid can file the Income Tax Return in the paper format as per the forms above.
In order to facilitate the people to file their IT returns, special counters will be kept open in the Ayakar Bhavan Complex at No. 121, Chennai Nungambakkam Mahatma Gandhi Road. The counters will function from today (Monday, 16th July) to 3rd August.
