Missed your Tax Deadline

return

On the off chance that you have missed the filing of Income Tax Returns (ITR) recording due date also, don’t stress, you can even now your to document your arrival. A government form documented after the due date is alluded to as ‘Belated Return’. Be that as it may, there are sure guides you require to comprehend before you benefit this last shot. Following the corrections in Finance Act, 2017, documenting a Belated return can cost you, dear, i.e., you should pay a punishment from this year.

What is a Belated Return?

An overdue return can be recorded whenever before the finish of the applicable appraisal year or before consummation of evaluation, whichever is prior. On the off chance that you are documenting a tardy return for FY16-17, at that point, you have to fill the relevant ITRs as advised for this FY, and not for any past or later FY. The pertinent appraisal year for a monetary year is the instantly succeeding budgetary year.

Deadline

This implies you can document tardy return for FY2017-18 by March 31, 2019, i.e., before the finish of the present evaluation year (AY2018-19).

Imposition of Penalty

Until the last AY, there was no punishment for recording Belated returns. Be that as it may, this punishment is material from AY 2018-19, i.e., for FY2017-18. Another segment, 234F, was embedded by the legislature in the Income Tax Act. According to this segment, an individual would need to pay a charge of up to Rs 10,000 for recording ITR after the due dates indicated in area 139(1) of the Act.

As indicated by the alterations made in the Budget 2017, citizens are at risk to pay a punishment of Rs 5,000, if their expense form for the budgetary year 2017-18 is documented after the arrival recording due date (i.e., August 31, 2018) however before December 31, 2018. The punishment would increment to Rs 10,000, if the ITR is recorded on or after January 1, 2019. In any case, if the aggregate pay of the citizen is not as much as Rs 5 lakh, the punishment sum won’t surpass Rs 1,000.

Carrying forward of losses

On the off chance that you record a Belated return you can’t convey forward losses (aside from misfortune from house property). Losses under the accompanying heads of pay: Income from business and calling including hypothesis business, capital increases, and salary from different sources, can’t be conveyed forward in the event that a tardy return is recorded by the citizen. The arrival filer won’t be permitted to convey forward these misfortunes regardless of whether the sum total of what charges have been paid in time if the arrival is Belated.

Interest levy

It is imperative to take note of that on the off chance that you have any unpaid duty obligation then correctional enthusiasm on the equivalent would be leviable, as pertinent to your case, on the off chance that you have recorded a late return.

Yet, on the off chance that no expense is payable, the citizen won’t be at risk to pay this intrigue exclusively because of the Belated documenting of ITR for FY17-18.

In the event that the IT office, after evaluating your arrival, raises interest for extra assessment installment then you would need to pay corrective enthusiasm on that expense and also the extra duty. In this manner, it is prescribed to document your arrival on time.