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Missed ITR filing deadline? Here is what you must do now
Those who missed the deadline to file I-T returns, here is what you have to do now.
DNA Web Team | Sep 01, 2018, 07:47 PM IST
1.How to file I-T return after deadline
The process of filing a belated return is the same as filing before the due date - August 31 this year. The difference is that while filling the applicable ITR form, you would have to select "Return filed under section 139(4)". (Photo: Reuters)
2.Penalty on late I-T return
An assessee has to pay fine ranging from Rs 1,000 to Rs 10,000 depending upon the income and the delay. (Photo: PTI)
3.Rs 1,000 penalty for some tax payers
If total income is less than Rs 5 lakh and return is filed after August 31 but before December 31. (Photo: AFP)
4.Some of those who file ITRs after deadline will have to pay Rs 5,000 fine
If total income is more than Rs 5 lakh and return is filed after August 31 but before December 31. (Photo: Reuters)
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5.Rs 10,000 is the highest fine
Rs 10,000 on those who file the ITR after December 31. (Photo: PTI)
6.Interest on tax due
Besides penalty, you will also have to pay interest on tax due at the rate of 1% per month till the time your ITR is filed. But if no tax is payable, the taxpayer won't be liable to pay this interest solely due to the belated filing of ITR for FY17-18. (Photo: PTI)
7.No interest on refund
If you miss the deadline and file the ITR after August 31, you will not be eligible for an interest on refund claim which is applicable under certain circumstances. (Photo: Pixabay)
8.Number of ITRs filed record 71% jump
The government today said that the total number of ITRs filed online up to August 31 was 5.42 crore, as against 3.17 crore up to August 31 last year, marking an increase of 70.86%. Almost 34.95 lakh returns were uploaded on August 31 itself, an official release from the Ministry of Finance noted. (Photo: Thinkstock)
9.Number of e-returns of salaried Individual taxpayers increase by 54%
The total number of e-returns of salaried Individual taxpayers filed till August 31 increased to 3.37 crore from 2.19 crore returns filed during the corresponding period of 2017, registering an increase of 1.18 crore returns or 54%. (Photo: Thinkstock)
