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Filing Income Tax Returns in the Year 2018

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Filing Income Tax Returns in the Year 2018

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  1. FilingIncomeTaxReturnsintheYear 2018 Filing income tax returns no longer involves pen and paper and a calculator. So you may have to changeoldjokes describingyourdutiestosocietyatthenextfriendlygettogether. It ismandatoryforeachresidentIndiantoe-filehertaxesifsheearnsmorethanRupees2.5 lakhina year.Thisruleissetin stone followingaliteralreadingofSection139 oftheITAct,1961. Isthereany chance of a leeway in terms of declaration of levies paid to the government? Not for the financial year 2017-18. Finance Minister Arun Jaitley had already announced earlier in the year that those unabletofiletheir taxesbytheduedatewouldface stifffinesandpenalties. This threat has now been given teeth by the insertion of Section 234F to the existing statute that stipulatesapenaltyofRupees5000onthosedeclaringtheirtaxesafterthe31stofJuly(oranyother duedateasspecifiedbytheauthorities)butonorbeforethe31stofDecember,2018. ThistollcouldgouptoRupees10,000incaseyoudoyourreturnsafterthisdate. Thereisthesmall consolation that your burden would not increase by Rupees 1000 if you earn less than 5 lakh in a year.

  2. Apartfromfeesand finesyouwillalsobe chargedinterestonarrearsstartingfromthedatethe windowclosed tothedatethegovernmentreceivesyourstatementonline. • Themessageissimple:Donotfailtodeclare yourannualstatementsand doitonline.Becauseit’s • fast,easyandsecureandchargesnexttonothingifyouareanordinaryassessee. • Thereare,ofcourse, several advantages todoingyourfilingsontime. • Firstly,youbecomeeligibleforearlyrefundsonexcesspaymentstothegovernment. • Secondly, you contribute to keeping CA assistance costs low by distributing demand along thefullrangeoftheallottedtimefordeclaration. • You get a fuller chance to rectify mistakes in your declaration. You do notget charged interest for suchfailures. • Thisinformation isprovidedtoyouinthepublicinterestcourtesyofAllIndiaITR, aproductof Corwhite Solutions PrivateLimited.

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