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IMPORTANT INFORMATION REGARDING INCOME TAX RETURN FOR AY 2018-19

Government is seems strict towards the laziness being followed in tax structure of the Country. Whether that was VAT/ Sale Tax/ Wealth Tax/ Income Tax, etc, Government has set its mood to remove the irregularities being followed in Country.

First step towards achieving the same was Demonetization, then came to abolishment of Wealth Tax, then came to implementation of GST and abolished all previous 37 laws like VAT, Sale Tax, etc. Now, Govt has taken some bold decision towards removing the irregularities in Income Tax Act.

For the first time in the history of Income Tax Act, a penalty has been levied by Govt of India on Income Tax Return Filing after the due date which may goes upto Rs. 10,000/- as the case may be. Before go into deep of this step, lets found out what the Govt is going to achieve after levying the penalty.

i)                    Timely filing of Return: This step will compel the tax payers to file their return timely which were used to file their return at any time during the assessment year or sometimes even after the assessment year.

ii)                   Increase the revenue: As being late is one of the habits in us, so this time limit is surely going to earn very much for the Govt.

iii)                 Reduce in Frauds: This step will surely reduce the frauds being taken place in banking sector and others, as now a days, it was very simple to get returns for 2 years but now, after implementation of this step, it would become near to impossible for anyone to crack it.

Now, lets find out the detailed explanation of this step:

(i)                  Last date of filing of Income Tax Return for financial year 2017-18 or Assessment year 2018-19 is 31st July, 2018 for Individuals, HUF, Firm (without Audit).

(ii)                Penalty has been levied under section 234F of Income Tax Act, 1961.

How penalty will be calculated:

(i)                 Income Upto Rs. 5,00,000/-

Upto 31st July, 2018 -  NIL

After 31st July, 2018 – Rs. 1,000/- upto 31st Mar, 2019.

 

(ii)               Income More then Rs. 5,00,000/-

Upto 31st July, 2018 - NIL

After 31st July, 2018 – Rs. 5000/- upto 31st Dec, 2018

After 31st Dec, 2018 – Rs. 10,000/- upto 31st Mar, 2019.

Important Notes:

(i)                  File your Income Tax Return by 31st July, 2018 for A/y 2018-19.

(ii)                After 31st July, 2018, No return will be filed without penalty.

After 31st Mar, 2019, You will not be able to file your Income Tax Return for A/Y 2018-19.


Regards

CS Ranjeet Gola (a writer is a Company Secretary in Practice by profession, he is proprietor of CS Firm M/s Ranjeet Gola & Associates and he is also the founder of onlinecompany.co.in, a legal service provider website)