Saturday, March 15, 2025
Google search engine
HomeUncategorizedWhat happens if ITR not filed by due date 31st July

What happens if ITR not filed by due date 31st July

The due date for filing your income tax return if you are an individual taxpayer is 31st July 2018. However in case you are engaged in any business or profession and your accounts are subjected to tax audit, the due date gets extended till September 30. Even for a working partner in a partnership firm, the due date would be September 30 if the accounts of the partnership firm are subject to tax audit. The business persons for whom the provisions of transfer pricing are applicable the due date is November 30.

In case you failed to file your ITR with in stipulated time, a late filing fee will be applicable. The maximum penalty which can be charged is Rs. 10,000. If you file your ITR after the due date of 31st July 2018 but before 31st December 2018, a penalty of Rs 5,000 will be levied.

Late Filing Fee Details
E- Filing Date Total income Below Rs 5,00,000 Total income Above Rs 5,00,000
Upto 31st July 2018 Rs 0 Rs 0
Between 1st Aug 18 to 31 st Dec 18 Rs 1,000 Rs 5,000
Between 1st Jan 19 to 31st March 19 Rs 1,000 Rs 10,000

 

Apart from the penalty levied by the Income Tax Department, there are other consequences that a taxpayer may face for late filing of returns:

a. Losses incurred (other than house property loss) are not allowed to be carried forward to subsequent years to be set off against future gains if the return has not been filed within the due date. However, if there are losses under house property, carry forward of losses is permitted.

b. Apart from the penalty for late filing, an interest under section 234A at 1% per month or part thereof will be charged till the date of payment of taxes. The calculation of the penalty will start from the date falling immediately after the due date i.e. 31st July 2018.

c. In case you’re entitled to receiving a refund from the government for excess taxes paid, you must file your return before the due date to receive the refund at the earliest, otherwise return will be delayed.

What if I have filed my returns but there is an error?

After an income tax return is filed, it is processed by the CPC, Income Tax Department. However, after processing, if an assessee realises that some income was not reported, or some deduction was not availed of in the return computation, it is possible to file a revised return.

What happens if I have failed to file ITR even by March 31?

In case you fail to file your ITR by 31st March 2019 and the income tax department comes to know about it, the income tax department can levy a penalty of 50 percent on the income for the year/s. Moreover, it can also launch prosecution against you for your failure to file your ITR in case the tax sought of be evaded is more than Rs 3,000. The period of imprisonment may vary between two years and seven years depending on the amount of tax involved.

Rohini Mishra
Rohini Mishrahttp://www.commerceduniya.in
I am the Co-Founder of this fascinating website Commerce Duniya
RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -
Google search engine

Most Popular

Recent Comments

Aashish Mishra on Job Vacancy
dre on Quiz9 Q2
dre on Quiz9 Q3
Travis on Quiz9 Q1
Travis on Quiz9 Q2
Travis on Quiz9 Q2
Travis on Quiz9 Q3
sanco on GK1 Q1
sanco on GK1 Q4
sanco on GK1 Q6
sanco on GK1 Q8
junior on Quiz8 Q2
junior on Quiz8 Q4
junior on Quiz8 Q5
junior on Quiz8 Q7
junior on Quiz8 Q1
junior on Quiz8 Q3
junior on Quiz8 Q6
junior on Quiz8 Q8
Victor on World5 Q1
Victor on World5 Q7
demo on Book3 Q5
demo on Book3 Q3
demo on Book3 Q6
demo on Book3 Q5
demo on Book3 Q4
demo on Book3 Q2
demo on Book3 Q1
Basil2 on Quiz7 Q6
Basil2 on Quiz7 Q4
Basil2 on Quiz7 Q5
Basil2 on Quiz7 Q5
Basil2 on Quiz7 Q7
Sid on World5 Q1
Sid on World5 Q2
Sid on World5 Q3
Sid on World5 Q4
Sid on World5 Q5
Sid on World5 Q6
Sid on World5 Q7
Sid on World5 Q8
mb14 on GK1 Q7
mb14 on GK1 Q6
mb14 on GK1 Q4
mb14 on GK1 Q5
mb14 on GK1 Q3
mb14 on GK1 Q2
mb14 on GK1 Q1
mb14 on GK1 Q8
sanco on Quiz9 Q3
Michael Martens on Quiz8 Q1
Michael Martens on Quiz8 Q2
Michael Martens on Quiz8 Q4
Michael Martens on Quiz8 Q3
Michael Martens on Quiz8 Q5
Michael Martens on Quiz8 Q8
Nick Votto on World5 Q1
Nick Votto on World5 Q2
Nick Votto on World5 Q3
Nick Votto on World5 Q4
Nick Votto on World5 Q5
Nick Votto on World5 Q6
Nick Votto on World5 Q7
Nick Votto on World5 Q8
hgn on GK1 Q5
hgn on GK1 Q6
hgn on GK1 Q8
Thomas on GK1 Q1
Thomas on GK1 Q2
Thomas on GK1 Q3
Thomas on GK1 Q4
Thomas on GK1 Q5
Thomas on GK1 Q6
Thomas on GK1 Q7
Thomas on GK1 Q8
Brian Allen on GK1 Q3
Brian Allen on GK1 Q2
Brian Allen on GK1 Q2
Brian Allen on GK1 Q1
Brian Allen on Quiz9 Q1
Brian Allen on Quiz9 Q2
Brian Allen on Quiz9 Q3
Helen Carter on Quiz7 Q6
Helen Carter on Quiz7 Q4
Helen Carter on Quiz7 Q5
Helen Carter on Quiz7 Q7
Nancy Evans on Quiz8 Q1
Nancy Evans on Quiz8 Q2
Nancy Evans on Quiz8 Q3
Nancy Evans on Quiz8 Q4
Nancy Evans on Quiz8 Q5
Nancy Evans on Quiz8 Q6
Nancy Evans on Quiz8 Q7
Nancy Evans on Quiz8 Q8
James Smith on World4 Q2
James Smith on World4 Q3
James Smith on World4 Q4
James Smith on World4 Q5
James Smith on World4 Q6
James Smith on World4 Q1
Jeff King on Book3 Q5
Jeff King on Book3 Q4
Jeff King on Book3 Q3
Jeff King on Book3 Q2
Jeff King on Book3 Q1
Linda Walker on Quiz9 Q1
Linda Walker on Quiz9 Q2
Linda Walker on Quiz9 Q3
Linda Walker on World5 Q1
Linda Walker on World5 Q3
Linda Walker on World5 Q2
Linda Walker on World5 Q4
Linda Walker on World5 Q8
Linda Walker on World5 Q7
Linda Walker on World5 Q5
Linda Walker on World5 Q6
Donald Gracia on Quiz7 Q4
Donald Gracia on Quiz7 Q6
Donald Gracia on Quiz7 Q5
Donald Gracia on Quiz7 Q7
Donald Gracia on Quiz7 Q5
Donald Gracia on Quiz7 Q7
Betty Adams on GK1 Q1
Betty Adams on GK1 Q3
Betty Adams on GK1 Q3
Betty Adams on GK1 Q4
Betty Adams on GK1 Q5
Betty Adams on GK1 Q6
Betty Adams on GK1 Q7
Betty Adams on GK1 Q8
Prathibha Prakash on commerceduniya
surya prakash kumawat on Vacancies of CA Articleship in Delhi NCR
i want all ipcc exam paper of last five years on Question paper of Advanced Accounting May 2013 exam of CA IPCC
syed on commerceduniya
sonali navale on commerceduniya
ramesh on commerceduniya
jailaxmi.ece@gmail.com on Contract Law_Answer_Dec 2011
miankshee on commerceduniya
yatish lalwani on dariakoreczak@gmail.com
Parvez Virani on dariakoreczak@gmail.com
Rahul Vats on mabum2@facebook.com
Narendra Boyina on Gimme one more chestnut!
Gayatri Sinha on
cduniya on industrial_training