sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
Direct Tax »
 Key changes in ITR-1 and ITR-2 forms for FY 2018-19 that you need to know
 Circular trading & GST evasion charges: Taxman may have to review arrest strategy
 CBDT's taxation proposal to hit loss-making foreign companies: Experts
 CBDT notifies changes in Form 16
 Investors panic as Income Tax seeks details from unlisted companies
 All India ITR launches guidelines to assist companies in Filing e-Form Active
  Form 16: New format for salary TDS certificate makes it difficult to fudge income, tax breaks
 How to e-file your ITR-1
 CBDT notifies changes in Form 16, seeks disclosure of more details about allowances
 Form 16: New format for salary TDS certificate makes it difficult to fudge income, tax breaks
 Income tax: New ITR forms seek more details from taxpayers

What to do if you have missed deadline Income Tax return (ITR) filing
September, 13th 2018

Although the last day to file the Income Tax Returns got over on 31st August, you can still file a belated return, if you are among the one who could not file it yet. In case you have missed the deadline, the government allows to file the return till one-year from the end of relevant financial year.

Although the last day to file the Income Tax Returns got over on 31st August, you can still file a belated return, if you are among the one who could not file it yet. In case you have missed the deadline, the government allows to file the return till one-year from the end of relevant financial year.

In case you are filing a belated income tax return, then you have to pay a penalty and face certain restrictions.

Some of the restrictions that you have to face while filing a belated Income tax return.
You are not allowed to carry forward certain losses if you are filing a belated return. If you have filed the return within the stipulated time, then you can carry forward the capital and business losses that would be adjusted against the gains in the subsequent years.

According to the budget provision, the taxpayers have to pay a penalty upto Rs 10,000 if the ITR filing is done after the deadline. The new provision says that a penalty of Rs 5,000 will be levied if the tax return is filed after the due date but before December 31, and this penalty will increase to Rs 10,000 after December 31. If the taxpayer’s income is less than Rs 5 lakh, maximum penalty levied is capped at Rs 1,000.

There was no penalty for the late filing of the income tax returns, until last assessment year. The penalty is applicable from FY 2017-18 or AY 2018-19.

The government has inserted a new section 234F in the Income Tax Act. The section says that if a taxpayer files his/her ITR after the due dates specified in section 139(1) of the Act, then he/ she would be eligible to pay a late fee of up to Rs 10,000.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2019 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Sitemap

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions