From this year (AY 2018-19), there is a fees for late filing of income-tax returns:
1. For cases when Income exceeds Rs 5 lakhs and return is filed after due date but before 31 December : Rs 5000/-
2. For cases when Income is below Rs 5 lakhs and return is filed after due date but...
In case you have not filed the income-tax return for past two years, kindly note that the last date for such filings is 31 March 2018.
This applies to financial year 2016-17 (AY 2017-18) also as the last date for filing under section 139(4) has been rescued by 12 months.
This is just to keep you all posted that the due date for tax audit filing is 31 October. this is specially relevant for the tax payers who which to carry forward their current year losses. If the return is not filed by this date, the current year losses will be forfeited.
Income-tax Department has started notifying the Tax return forms. So its time we all buckle up and get ready for the filings.
I will soon share the new requirements for these tax forms.
1. If you traveled outside India during the FY 2014-15, you need to...