ITR stands for Income Tax Return. It is a prescribed form through which the particulars of income earned by a person in a financial year...
ITR stands for Income Tax Return. It is a prescribed form through which the particulars of income earned by a person in a financial year and taxes paid on such income are communicated to the Income-tax Department. It also allows carry -forward of loss and claim refund from income tax department.Different forms of returns of income are prescribed for filing of returns for different Status and Nature of income.
Due date to file Income Tax return has been provided under section 139 of the Income Tax Act. Further section 139 of the Income tax also provide the person who are required to file the compulsory return of Income tax .It is mandatory for every taxpayer to communicate the details of his income to the Income-tax Department. These details are to be furnished in the prescribed form known as return of income. Mode of Filing and correct form has been prescribed under rule 12 of the Income Tax rules .
Before explaining the due date to file Income Tax return for Assessment year 2018-19 (Financial year 2017-18) ,we have provided the persons who are required to file Income tax return.It is mandatory for every taxpayer to communicate the details of his income to the Income-tax Department. These details are to be furnished in the prescribed form known as return of income. In this part, you can gain knowledge about the various provisions relating to return of income.
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- Person required to file the return of income
The provisions relating to filing of return of income depend upon the status of the taxpayer. The position in this regard is given below:
CBDT further extends due date to 31.10.2018
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- In the case of an Individual/HUF/AOP/BOI/Artificial Juridical Person:
Every individual/HUF/AOP/BOI/artificial juridical person has to file the return of income if his total income (including income of any other person in respect of which he is assessable) without giving effect to the provisions of section 10(38), 10A, 10B or 10BA or Chapter VIA (i.e., deduction under section 80C to 80U), exceeds the maximum amount which is not chargeable to tax i.e. exceeds the exemption limit.
Maximum amount which is not chargeable under the Income Tax act or Exemption Limit for various person are as under
Example: 1: Suppose An Individual (age less than 60 years) having Taxable salary Income of Rs 3,70,000 and claim a deduction of Rs 1,50.000 under Section 80C (Chapter IV) and net Taxable income of 2,20,000.
He is required to file Income tax return as his income before deduction of chapter VI(80C in this case)(in present case Rs 370000) is more than maximum amount which is not chargeable under Income Tax Act ie Rs 2,50,000 for AY 2018-19.
So if your Gross Total income before deductions is less than Rs 250000/- for assessment year 2018-19 and your age is less than 60 then no need to file income tax return(subject to other condition applicable for foreign income and bank accounts) .
Example :2 Suppose an individual (age less than 60 years),during FY 2017-18 AY 2018-19 having Income of Rs 4 Lakh from long term capital gain from shares sale exempted under section 10(38).
He is required to file Income tax return as income before exemption u/s 10(38) is more than maximum maximum amount which is not chargeable under Income Tax Act ie Rs 2,50,000 for Ay 2017-18.
- For very senior citizen (age 80 or more) :Rs 500000
- For Senior citizen (age 60-80) :Rs 300000
- For others (age less than 60) :Rs 250000
Example: 1: Suppose An Individual (age less than 60 years) having Taxable salary Income of Rs 3,70,000 and claim a deduction of Rs 1,50.000 under Section 80C (Chapter IV) and net Taxable income of 2,20,000.
He is required to file Income tax return as his income before deduction of chapter VI(80C in this case)(in present case Rs 370000) is more than maximum amount which is not chargeable under Income Tax Act ie Rs 2,50,000 for AY 2018-19.
So if your Gross Total income before deductions is less than Rs 250000/- for assessment year 2018-19 and your age is less than 60 then no need to file income tax return(subject to other condition applicable for foreign income and bank accounts) .
Example :2 Suppose an individual (age less than 60 years),during FY 2017-18 AY 2018-19 having Income of Rs 4 Lakh from long term capital gain from shares sale exempted under section 10(38).
He is required to file Income tax return as income before exemption u/s 10(38) is more than maximum maximum amount which is not chargeable under Income Tax Act ie Rs 2,50,000 for Ay 2017-18.
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- In the case of companies:
Every person, being a company, has to file its return of income compulsorily, irrespective of its income being profit or loss. In other words, it is mandatory for every company to file the return of income irrespective of its income or loss.
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- In the case of partnership firms:
Every person, being a partnership firm (including Limited Liability Partnership), has to file its return of income compulsorily, irrespective of its income being profit or loss. In other words, it is mandatory for every partnership firm to file the return of income irrespective of its income or loss.
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- In the case of charitable or religious trusts:
Every person in receipt of income derived from property held under charitable or religious trusts/legal obligations or in receipt of income being voluntary contributions referred to in section 2(24)(iia), has to file the return of income if its total income without giving effect to the provisions of sections 11 and 12 exceeds the maximum amount not chargeable to income-tax.
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- In the case of political parties:
The Chief Executive Officer of every political party has to file the return of income of the party if the total income of the party without giving effect to the provisions of section 13A exceeds the maximum amount not chargeable to income-tax.
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- In the case of certain associations :
Following entities are liable to file the return of income if their total income without giving effect to the provisions of section 10 exceeds the maximum amount not chargeable to tax:
- Research association referred to in section 10(21)
- News agency referred to in section 10(22B)
- Association or institution referred to in section 10(23A)
- Person referred to in clause (23AAA) of section 10.
- Institution referred to in section 10(23B)
- Fund/institution/trust/university/other educational institution/any hospital/medical institution referred to in sub-clause (iiiac), (iiiab), (iiiad), (iiiae), (iv), (v), (vi) or (via) of section 10(23C)
- Mutual Fund referred to in clause (23D) of section 10
- Securitisation trust referred to in clause (23DA) of section 10
- Investor Protection Fund referred to in clause (23EC) or clause (23ED) of section 10.
- Core Settlement Guarantee Fund referred to in clause (23EE) of section 10
- Venture capital company or venture capital fund referred to in clause (23FB) of section 10;
- Trade union/association referred to in sub-clause (a) or (b) of section 10(24)
- Board or Authority referred to in clause (29A) of section 10.
- Body/authority/Board/Trust/Commission referred to in section 10(46)
- Infrastructure debt fund referred to in section 10(47)
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- In the case of certain university, college or other institution:
Every university, college or other institution referred to in clause (ii) and clause (iii) of section 35(1), which is not required to furnish return of income or loss under any other provision of the Act, shall furnish the return of income every year, irrespective of income (or) loss.
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- In the case of Business Trust
Every business trust, which is not required to furnish return of income or loss under any other provision of the Act, shall furnish the return of income every year, irrespective of income (or) loss.
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- In case of investment fund referred to in section 115UB
Every investment fund referred to in section 115UB, which is not required to furnish return of income or loss under any other provisions, shall furnish the return of income in respect of its income or loss every year irrespective of income (or) loss
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- In the case of persons holding assets located outside India:
A person, being a resident in India (other than not ordinarily resident), who is not required to furnish a return under any of the above `and who at any time during the previous year :
(a) holds, as a beneficial owner (*) or otherwise, any asset (including any financial interest in any entity) located outside India or has signing authority in any account located outside India; or
(b) is a beneficiary (*) of any asset (including any financial interest in any entity) located outside India, shall furnish, on or before the due date, a return in respect of his income or loss for the previous year in such form and verified in such manner and setting forth such other particulars as may be prescribed. However, above discussed provision will not apply to an individual, being a beneficiary of any asset (including any financial interest in any entity) located outside India where, income, if any, arising from such asset is includible in the income of the person referred to in (a) above.
(*) "Beneficial owner" in respect of an asset means an individual who has provided, directly or indirectly, consideration for the asset for the immediate or future benefit, direct or indirect, of himself or any other person.
(*) "Beneficiary" in respect of an asset means an individual who derives benefit from the asset during the previous year and the consideration for such asset has been provided by any person other than such beneficiary.
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- Due date of filing of return of income
Due date in audit cases has also been extended to 15.10.2018
Illustration 3
Miss Saroj is a salaried employee. Her taxable salary income for the assessment year 2018-19 is Rs. 8,40,000 (she does not have any other income). What will be the due date of filing the return of income for the financial year 2017-18?
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In this case, Miss Saroj will be covered in Sr. No. 5 of the table discussed above and hence the due date for filing the return of income of the year 2017-18 will be 31st July, 2018.
Illustration 4
Mr. Rupen is a doctor. Gross receipts for the year assessment 2018-19 came to Rs. 18,40,000. He opts for the presumptive taxation scheme of section 44ADA. What will be the due date for filing of return of income by Mr. Rupen for the financial year 2017-18?
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The gross receipts for the year are less than Rs. 50,00,000 and Mr. Rupen has opted for the presumptive taxation scheme of section 44ADA. Hence Mr. Rupen will not be liable to get his accounts audited i.e. he is not covered by audit. He will be covered in Sr. No. 5 of the table discussed above and, hence, the due date for filing the return of income of the year 2017-18 will be 31st July, 2018.
Illustration
Mr. Rahul is running a garments factory. Turnover of his business for the assessment year 2018-19 amounted to Rs. 1,84,00,000. He opts for the presumptive taxation scheme of section 44AD. What will be the due date for filing of return of income by Mr. Rahul for the financial year 2017-18?
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The turnover for the year is less than Rs. 2,00,00,000 and hence Mr. Rahul will not be liable to get his accounts audited i.e. he is not covered by audit as he opts for the presumptive taxation scheme of section 44AD. Mr. Rahul will be covered in Sr. No. 5 of the table discussed above and, hence, the due date of filing the return of income of the year 2017-18 will be 31st July, 2018.
Illustration
Mr. Kaushal is a partner in Essem Trading Company. The turnover of the firm for the financial year 2017-18 assessment year 2018-19 amounted to Rs. 1,84,00,000. Apart from remuneration, interest and share of profit from the firm, Mr. Kaushal is not having any other source of income. What will be the due date for filing the return of income by the partnership firm and by Mr. Kaushal for the financial year 2017-18?
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The turnover of the firm exceeds Rs. 1,00,00,000 and, hence, the firm will be liable to get its accounts audited. Thus, the firm as well as Mr. Kaushal will be covered in Sr. No. 4 of the table discussed earlier and, hence, the due date for filing the return of income of the year 2017-18 (in case of the firm as well as Mr. Kaushal) will be 30th September, 2018.
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- Belated return
If the person fails to file the return of income within the time-limit prescribed in this regard, then as per section 139(4) he can file a belated return. A belated return can be filed at any time before the end of the relevant assessment year or before completion of assessment, whichever is earlier.
Illustration
Mr. Raja is a trader of agricultural products. Turnover of his business for the previous year 2017-18 amounted to Rs. 84,00,000. He has not opted for the presumptive taxation scheme of section 44AD i.e. declaring income at 8% of sales. He declared income at less than 8% of sales. What will be the ‘due date’ for filing his return of income for the financial year 2017-18? If he fails to file the return of income by the due date then by what date he can file a belated return?
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In this case, as Mr. Raja had not opted for presumptive taxation scheme of section 44AD, and declared income at less than 8% of sales, he will be required to get his accounts audited under section 44AB and, hence, he is covered in Sr. No. 3 of the table discussed earlier. Hence, the due date for filing the return of income of the year 2017-18 will be 30th September, 2018.
If he cannot file the return of income by the due date, i.e., by 30th September, 2018, then he can file a belated return before end of the relevant assessment year or before completion of assessment, whichever is earlier.
In other words, he can file a belated return upto 31-3-2019. If the assessment is completed before 31-3-2019, then he can file a belated return at any time before the completion of assessment.
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- Consequences of delay in filing the return of income
Delay in filing the return of income may attract certain adverse consequences. Following are the consequences of delay in filing the return of income:
- Loss (other than loss under the head “Income from house property”) cannot be carried forward.
- Levy of interest under section 234A.
- Levy of fee under section 234F*
- Exemptions/deductions under sections 10A, 10B, 80-IA, 80-IAB, 80-IB, 80-IC, 80-ID and 80-IE are not available.
Belated return cannot be revised under section 139(5) till Ay 2016-17. However, w.e.f. 01-04-2017, income-tax return for the Assessment Year 2017-18 and onwards filed under section 139(1) or section 139(4) belated return’ can also be revised.
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- Late fees applicable on Late filing of Return
W.e.f. assessment year 2018-19, if assessee failed to furnish return of income within due date as prescribed in section 139(1) then he is required to pay:-
- a) Rs. 5000 if return is furnished on or before 31 December of assessment year.
- b) Rs. 10,000 in any other case.
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- Revision of return
Sometimes the taxpayer may omit to include certain information in the return or may commit any mistake at the time of filing the return of income. In such case any unintentional mistake or error or omission in the return of income filed by the taxpayer can be corrected by filing a revised return.
A return can be revised at any time before the end of the relevant assessment year or before the completion of the assessment, whichever is earlier.
It should be noted that only a return filed under section 139(1) or belated return filed under section 139(4) can be revised.
Belated return could not be revised under section 139(5) till Ay 2016-17. However, w.e.f. 01-04-2017, income-tax return for the Assessment Year 2017-18 and onwards filed under section 139(1) or section 139(4) belated return’ can also be revised.
A return of income filed pursuant to notice under section 142(1) of Act cannot be revised under section 139(5).
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- Few points while filing the return of income:
Following is the list of few important steps/points/precautions to be kept in mind while filing the return of income:
1.The first and foremost precaution is to file the return of income on or before the due date. Taxpayers should avoid the practice of filing belated return.
2.Consequences of delay in filing the return of income :
- Loss (other than house property loss) cannot be carried forward.
- Levy of interest under section 234A.
- Levy of fee under section 234F*
- Exemptions/deductions under sections 10A, 10B, 80-IA, 80-IAB, 80-IB, 80-IC, 80-ID and 80-IE are not available.
3. Late fees for late filing of Returns :W.e.f. assessment year 2018-19, fee as per section 234F is required to be paid if return is furnished after due date. Fee for default in furnishing return of income will be as follows:
- a) Rs. 5000 if return is furnished on or before the 31st day of December of the assessment year;
- b) Rs. 10,000 in any other case
However, late filing fee shall not exceed Rs. 1000 if the total income of an assessee does not exceed Rs. 5 lakh.
4.Taxpayer should download Form 26AS and should confirm actual TDS/TCS/Tax paid. If any discrepancy is observed then suitable action should be taken to reconcile it.
5.Compile and carefully study the documents to be used while filing the return of income like bank statement/passbook, interest certificate, investment proofs for which deductions is to be claimed, books of account and balance sheet and P/L A/c (if applicable), etc. No documents are to be attached along with the return of income.
6.The taxpayer should identify the correct return form applicable in his case.
7.Carefully provide all the information in the return form.
8.Confirm the calculation of total income, deductions (if any), interest (if any), tax liability/refund, etc.
9.If any tax is payable as per the return of income, then the same should be paid before filing the return of income.
10.Ensure that other details like PAN, address, e-mail address, bank account details, etc., are correct.
11.After filling all the details in the return of income and after confirmation of all the details, one can proceed with filing the return of income.
12.In case return is filed electronically without digital signature do not forget to post the acknowledgement of filing the return of income at CPC Bengaluru (as discussed earlier).
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INCOME TAX RETURN
DUE DATE AY 2018-19 FY 2017-18
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Sr No
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Particulars
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Due date
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1
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Assessees covered Transfer pricing(92E)
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30.11.2018
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2
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Corporate assessees(except-1)
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30.09.2018
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3
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Non corporate assessees (Audit cases)
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30.09.2018
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4
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Working Partners of Audited Firms
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30.09.2018
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5
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Other assessees ( Salaried ,House property , Interest income
,Capital gain, other source Busi & prof (non audit cases )
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31.08.2018 |
Belated Return 139(4) for Fy 2017-18 AY 18-19 can be
filed up to 31.03.2019 only
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Original/Belated return for Fy 2017-18 AY 18-19 can be
revised up to 31.03.2019 [139(5)]
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Income Tax Return Due Date AY 2018-19
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SN
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Particulars
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Due date
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1
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For assessees which is required to furnish a report u/s 92E(transfer pricing) of the Income Tax Act, 1961
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30.11.2018
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2
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For all other Corporate assessees
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30.09.2018
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3
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For Non corporate assessees, (Like Partnership Firm ,Prop Firm) whose accounts are required to be audited under Income tax act or any other act for the time being in force.
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30.09.2018
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4
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For working partners of Partnership firms covered under sr no (3) above
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30.09.2018
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5
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For any other assessees Like Salaried Income ,Person having Income from House property ,Interest income , Business Income where accounts are not required to be audited .
| 31.08.2018 |
MANDATORY FEES ON LATE FILING OF INCOME TAX RETURN
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INCOME
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WITH IN DUE DATE UP TO 31st JULY
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AFTER DUE DATE UP TO 31st DEC
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AFTER 31st DEC
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>5 LAKH
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NIL
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Rs 5000
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Rs 10000
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UP T0 5 LAKH
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NIL
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Rs 1000
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Rs 1000
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BELATED RETURN -REVISED RETURN-LATE FEES ASSESSMENT YEAR WISE
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PARTICULARS
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ASSESSMENT YEAR
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WWW.SIMPLETAXINDIA.NET
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2016-17
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2017-18
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2018-19
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LAST DATE TO FILE BELATED RETURN
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31.03.2018
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31.03.2018
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31.03.2019
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LAST DATE TO FILE REVISED RETURN
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31.03.2018
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31.03.2019
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31.03.2019
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BELATED RETURN CAN BE REVISED
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NO
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YES
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YES
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LATE FEES APPLICABLE
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NO
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NO
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YES
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