Last chance to file Income tax return for FY 2018-19!
Background :
Every person who has a total income exceeding basic exemption limit (Rs. 2.5 lakhs In case of Individuals) in the previous year shall file a return of income tax(ITR) on or before the due date as mentioned in section 139 (1).
However due to various reasons a person may fail to furnish the return of income on or before such due date.
However due to various reasons a person may fail to furnish the return of income on or before such due date.
Due dates under section 139(1) :
| Category of tax payers | Due date for filing |
|---|---|
| Individuals/HUF/ Body of Individuals/ AOP/Firm | 31st July |
| Individuals/HUF/ Body of Individuals/ AOP/Firm Requiring Audit |
30th September |
| Companies | 30th September |
| Person requiring TP Audit | 30th November |
Late filing of return as per section 139(4) :
If a person needs to file his return of income either voluntarily or mandatorily after the due date as mentioned above, he may do so after paying penalty u/s 271F until the expiry of one year from the end of the applicable financial year.
In case of previous year 2018-19 due date for filing of belated income tax return is 31-03-2020.
Advantages of filing belated return :
- If tax liability of the taxpayer is less than the tax deducted at source (TDS), he shall be eligible to claim the refund only through filing valid ITR.
- ITR is considered as valid proof of income while assessing loan eligibility by banks.
- It is the duty of every citizen to discharge his tax liability duly.
- It avoids notices from Income tax department for non-filing of returns.