File your tax return in Time this year

canikhil

Well-Known Member
#1
Hey All,

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 before 31 December : Rs 1000/-

3. For any other case: Rs 10,000/-

please note that this fees is mandatory in nature and cannot be waived off.

So make sure you get your due dates correct and file in time:

Due dates are as under:

1. For non-tax audit and non-transfer pricing cases: 31 July

2. For tax audit cases: 30 September

3. For transfer pricing cases: 30 November
 
Last edited:

NJ78

Well-Known Member
#2
Hey All,

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 before 31 December : Rs 5000/-

3. For any other case: Rs 10,000/-

please note that this fees is mandatory in nature and cannot be waived off.
It seems like the govt is going to make quite a bit of extra income from these new fines even if the taxpayer isn't at fault.

Here's a very real scenario -- I have a younger relative who works in a managerial position in a real estate company in Mumbai. The company hasn't paid salaries in almost 8 months. When the salary does get disbursed, it happens erratically which in turn affects TDS, advance tax payment and eventually, tax filing which often gets delayed by up to a year on a rolling basis. Even for this FY, the company has made it clear that salaries won't come on time and they're still late on PF & tax payment related to the previous FY. The head of this company is "well connected" and beyond reproach.

So in this case, unless there's some contextual relief to the employee, I'm guessing my relative would still have to pay the 5k penalty for the inevitable delay in tax filing for no fault but that of the company's delay. Or, is there some provision for a case like this?
 
Last edited:

canikhil

Well-Known Member
#3
It seems like the govt is going to make quite a bit of extra income from these new fines even if the taxpayer isn't at fault.

Here's a very real scenario -- I have a younger relative who works in a managerial position in a real estate company in Mumbai. The company hasn't paid salaries in almost 8 months. When the salary does get disbursed, it happens erratically which in turn affects TDS, advance tax payment and eventually, tax filing which often gets delayed by up to a year on a rolling basis. Even for this FY, the company has made it clear that salaries won't come on time and they're still late on PF & tax payment related to the previous FY. The head of this company is "well connected" and beyond reproach.

So in this case, unless there's some contextual relief to the employee, I'm guessing my relative would still have to pay the 5k penalty for the inevitable delay in tax filing for no fault but that of the company's delay. Or, is there some provision for a case like this?

I will suggest that your relative still file the return in time with the existing information available to him. If the employer files the TDS returns later, and issue form 16, then revise the return to reflect the changes.
 

mmca2006

Active Member
#4
Hey All,

From this year (AY 2018-19), there is a fees for late filing of income-tax returns:

------------------------------

2. For cases when Income is below Rs 5 lakhs and return is filed after due date but before 31 December : Rs 5000/-

------------
for above case is it not Rs.1000/- ?:confusedd::confusedd:
 
#6
A new section 234F has been inserted by the government in the Income Tax Act. As per this section, an individual 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.

The fee to be levied is based on the time period of delay which is as follows:
(i) A fee of Rs 5,000 in case returns are filed after the due date but before the December 31 of the relevant assessment year or
(ii) Rs. 10,000 in case it i
s filed after December 31 of the relevant assessment year.

However, as a relief to the taxpayers earning not more than Rs 5 lakh the maximum penalty will be Rs. 1000
 

Satya.

Well-Known Member
#7
Hey All,

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 before 31 December : Rs 1000/-
any fine if we file return for 2yrs at a time?assuming we hv no tax liability n income is 2-3L
 

Satya.

Well-Known Member
#10
which years are you referring to? you cannot file for earlier years now except for revised return for AY 2017-18.
highlighted line..means if I skip filling ITR dis yr(AY 2018-19) n planning 2 file ITR nxt yr for both AY 2018-19 & AY 2019-20,den its wont b possible now,only a return for AY 2019-20 will b accepted,right?

many ppl used 2 file such way 2 get sm bank loan i.e,by filling return of last 2yrs+existing yr
 

Similar threads

Broker Special Offers

Intraday Higher Leverage

Save up to 90% in brokerage and get higher leverage for intraday trades.

Name:Phone:
Email:City:
State:
Are you a day trader?