On Thursday, the income tax department extended the deadline for filing income tax return for the assessment year 2018-19. Earlier, the deadline was 31st July, but now taxpayers have time to fill the ITR procedure till 31st August.

It is relief to taxpayers who have not yet filed their ITR. Every taxpayer should submit their income tax by the due date, fulfill their duty as a law-abiding citizen and contribute in the nation’s building.

 Important Things You Should know about penalties

In case you fail to file your Income Tax Return by 31st August, you can still file the ITR for the assessment year 2018-19 till March 31 but you have to pay a late fee amount.

  1. According to a new provision applicable from this year, A penalty of Rs 5,000 will be charged if the return is filed after the due date but before 31 December.
  2. If the taxpayer’s income is less than Rs 5 lakh, the maximum penalty charged is capped at Rs 1,000.
  3. As per new section i.e. 234F section, ITR filed between 1 January and 31 March would have to pay a fee of up to Rs 10,000 for filing income tax return after the due dates specified in section 139(1) of the Act.
  4. A revised return can only be filled if the original return was filed within the due date. Also, it will not be permitted to carry forward certain losses to subsequent years if you don’t file returns by the last date.

Follow these tips and maximize your tax refund and get the best tax advice from Our Tax Advisors at Investelite Research

CALL @ +91-9294509999 for more details .

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