Article published by : vijay on Wednesday, July 03, 2019

Category : Taxes

What Is The Last Date To File Itr?


Did you know that the last date to file an income tax return (ITR) varies for different categories of taxpayers ?For individuals, Hindu Undivided Families (HUF) and

those taxpayers whose accounts are not required to be audited, the last date of filing ITR for the financial year (FY) 2018-19is July 31, 2019.

For other categories such as companies and working partners of a firm, the deadline of July 31 does not apply.

Deadlines for various categories of taxpayers area unit as follows:

Status of taxpayer Due date

Status of taxpayer

Due date

All individuals/assessees whose accounts are not required to be audited (individuals, HUFs, Association of Persons, Body of Individuals etc.)

July 31 of the relevant assessment year

Following persons whose accounts are required to be audited

A company An individual or other entities whose accounts are required to be audited (like proprietorship, firm etc.) A working partner of a firm
September 30 of the relevant assessment year

An assessee who is required to furnish report under section 92E*

November 30 of the relevant assessment year
A report under section 92E is submitted when a taxpayer has undertaken international transactions during the relevant financial year. Source: Tax2win.in.

Assessment year (AY) refers to the year following the yr in which income earned by you is assessed.This is the year in which you file your ITR for the financial year

gone by. For instance, for the financial year 2018-19, the AY is 2019-20.

What happens if you miss this deadline?

For individuals, even if you miss the ITR filing deadline of July 31, 2019, you can still file your return. It is will be termed as belated ITR. The last date to file

late ITR for FY 2018-19 is March 31, 2020.

If you miss this deadline as well, then you will not be able to file ITR unless you receive a notice from the tax department to do so.

Though you have the option to file late ITR till March 31, you should avoid filing it this late.This is because late filing fees will be levied for if ITR is filed

after July 31 and any time before March 31.

Penalty on late filing of ITR

Penalty for filing ITR post the deadline was announced in Budget 2017 and came into effect from the AY 2018-19, for the tax returns filed for FY 2017-18. Prior to

this, it was the sole discretion of the assessing officer to levy penalty if the individual failed to file his/her tax return before the end of the relevant assessment

year.

Section 234F was introduced within the income tax Act that created late filing mandatory.

The late filing fee structure is as follows:

Date of filing ITR

Amount (Rs)

After July 31 but on or before December 31

5,000

Between January 1 and March 31

10,000

For small taxpayers whose total income does not exceed Rs five lakh, the maximum late fee amount will not exceed Rs 1,000 irrespective of when it is filed, i.e.,

before March 31.

Do remember that if a human gross total income doesn't exceed the essential exemption limit, then he/she will not be liable to pay late filing fees if he/she files

belated ITR.As per this tax laws, the essential exemption limit is as follows:

Age of resident individual

Basic Exemption limit (Rs)

Below 60 years

2, 50,000

60 years or more but below 80 years (senior citizen)

3,00,000

80 years and above

5,00,000

However, there is a catch on the non-levy of late filing fees on belated ITR in the above case. If a resident individual has income from foreign assets and he files

belated ITR, then the late filing fee will be levied even if gross total income does not exceed the tax exemption limit

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