T(until its extended) The deadline is fast approaching and most taxpayers have already filed their ITR or in process of doing so. However, there are people who may not be able to file their returns before the due date or are too lazy to file their returns. The question is
Until last year there was NO penalty for late returns but has changed this with the introduction of a .
§ However, in case the total income is less than Rs 5 lakh, the penalty should not exceed Rs 1,000.
So from this year being lazy in filing returns would cost money too.
Impact of late filing of tax return:
In case after adding up all the TDS, advance taxes or self-assessment tax, if there is any tax payable from your side, you will need to pay monthly 1% late fee on the amount due for each month of delay.
if you file your ITR late, you will also get your excess tax paid refunded late. This is a loss as you could have put to the money to better use and you obviously loose on the interest part.
you cannot carry forward following losses in case of delayed filing:
§ Speculation loss,
§ Business loss excluding loss due to un-absorbed depreciation and capital expenditure on scientific research,
§ short-term capital loss,
§ long-term capital loss,
§ loss due to owning and maintenance of horse races
§ However you can still carry forward loss from House property.
A lot of publications are reporting that . Starting this year you can revise your belated returns.. This is and
Starting FY 2016-17 (AY 2017-18) you would not be able to file your returns after the end of the assessment year. This means you cannot file your returns for FY 2017-18 (AY 2018-19) after March 31, 2019, without intervention from income tax department.
What if you don’t file AY 2018-19 return even by March 31, 2019?
In case you miss the March 31, 2019 deadline then you would not be able to file your returns without I-T Department intervention. Also, the tax officer has to do your tax assessment based on the best information he has resulting in increased tax liability.