The Income Tax Department has advised the taxpayers to file income tax returns by the deadline of 31st August 2018, the last date for persons whose accounts are not liable for audit.
For filing return of income through online, the taxpayers can log on to https://incometaxindiaefiling.govin.
By this, it is sure that the department will not grant any further relaxation to the income tax returns due date. Last day, the Government has extended the due date for assessees in Kerala following the State witnessed the worst natural disaster in almost a century.
According to an advisory issued by the Central Board of Direct Taxes (CBDT), a delay in filing return would result in payment of late fees. For returns filed between 1st September to 31st December 2018, a late fee of Rs. 5000/-. Similarly, Rs. 10,000/- is payable for the return filed after 31’December 2018 (Rs. 1,000/- for persons having income up to Rs. 5 lakhs).
It is stated that the return cannot be revised if it filed belatedly. Also, in case of interest on the refund, interest shall be charged on outstanding tax due for a late filing of the return. Further, losses other than house property loss cannot be carried forward.
E-filing of Income Tax Return is compulsory for individuals and HUF having total income exceeding Rs. 5 lakhs or claiming any refund in the return (excluding Individuals of the age of 80 years or more who are furnishing the return in Form No. ITR-1 or ITR-2).
The filing is compulsory for individual or HUF, being a resident other than not ordinarily resident, having any foreign asset/ income or claiming any foreign tax relief.
Persons filing ITR in Form No.3,4,5 or 7 should also file income tax return online by 31st August.
The Board had notified the new Income Tax Return forms for the assessment year 2018-19 on April 5. The Income Tax department has launched all the income tax forms for e-filing after more than a month of them being notified.
