With the due date of 31 July 2018 for filing returns for Financial Year 2017-18 fast approaching, one should be aware of the significant changes in the tax return process introduced this year. Understanding these changes will be useful in filing tax returns timely and accurately.
While the deadline for filing the return remains the same at 31 July, one of the biggest change is the introduction of late filing fees of Rs 5,000 (if the return is filed by 31 December) or Rs 10,000 (if filed after 31 December). There is a lower fee amount of Rs 1,000 prescribed for income levels up to Rs 500,000.
Relevant sections are presented herewith for your reference:
Section 139(1) deals with filing of return of income on due date:
- (1) Every person,—
(a) being a company or a firm; or
(b) being a person other than a company or a firm, if his total income or the total income of any other person in respect of which he is assessable under this Act during the previous year exceeded the maximum amount which is not chargeable to income-tax,
shall, on or before the due date, furnish a return of his income or the income of such other person during the previous year, in the prescribed form and verified in the prescribed manner and setting forth such other particulars as may be prescribed
Explanation 2 of section 139 explains due date:
Explanation 2.—In this sub-section, “due date” means,—
(a) where the assessee other than an assessee referred to in clause (aa) is—
(i) a company ; or
(ii) a person (other than a company) whose accounts are required to be audited under this Act or under any other law for the time being in force; or
(iii) a working partner of a firm whose accounts are required to be audited under this Act or under any other law for the time being in force,
the 30th day of September of the assessment year;
(aa) in the case of an assessee who is required to furnish a report referred to in section 92E, the 30th day of November of the assessment year;
(b) in the case of a person other than a company, referred to in the first proviso to this sub-section, the 31st day of October of the assessment year;
(c) in the case of any other assessee, the 31st day of July of the assessment year.
Following conclusions can be drawn from above mentioned sections :
Due date of Income Tax return will be 31st July 2018 for Assessment Year 18-19 [Financial Year 17-18] for all individual except:
- Companies
- Persons other than companies whose books are required to be audited
- Working partner of a firm whose accounts are required to be audited
Due date of Income Tax return will be 30th September 2018 for Assessment Year 18-19 [Financial Year 17-18] for all:
- Companies
- Persons other than companies whose books are required to be audited
- Working partner of a firm whose accounts are required to be audited
But excluding assesses who are required to submit a report pertaining to international or specified domestic transactions under section 92E.
Due date of Income Tax return will be 30th November 2018 for Assessment Year 18-19 [Financial Year 17-18] for all assesses who are required to submit a report pertaining to international or specified domestic transactions under section 92E.
Stakeholders are requested to file their return on time so as to avoid late fee to be charged in case of delay in filing ITR for year ended 31st march 2018.
Till last year, a penalty of Rs 5,000 could have been levied for filing return after 12 months from the year-end, but only after the tax officer issued a notice to show cause against penalty levy, conducted a hearing and passed a written order. Unlike this penalty till last year, which was selectively levied by the taxman, now such late filing fees are required to be mandatorily paid upfront in all cases of default. Hence, one would need to be cautious of the filing due date to avoid such unnecessary costs.
The maximum time limit for filing the original tax return was already crunched 12 months (from 24 months), so such return can be filed up to the following 31 March at most.
However, an option has been provided to individuals having taxable income up to Rs 500,000 without any tax refund claim or super senior individuals (aged more than 80 years), who can file returns in paper format.
Another additional disclosure requirement introduced in all return forms is consequent to the new provisions introduced effective 1 April 2017, where the landlord receiving rent over Rs 50,000 per month from a tenant will be subject to deduction of tax at source.
Where the tenant has undertaken these compliances under his own PAN, the existing fields for deductor of tax are modified to allow entry of tenant’s name, his/her PAN and the amount of tax deducted from rent paid. Therefore, the landlord reporting rental income in the return can avail credit for such tax and pay differential tax.
It may be noted that the due date for filing Income Tax Returns for FY 2017-2018 for Individuals is 31st July 2018.
Please refer the table for finding due dates for the Financial Year 2017-18 :
| Category of Taxpayer |
Due Date for Tax Filing – FY 2017-18 |
| Individual |
July 31st 2018 |
| Body of Individuals (BOI) |
July 31st 2018 |
| Hindu Undivided Family (HUF) |
July 31st 2018 |
| Association of Persons (AOP) |
July 31st 2018 |
| Businesses (Requiring Audit) |
September 30th 2018 |
| Businesses (Requiring TP Report) |
November 30th 2018 |
(This is income tax return for the financial year 2017-18. Applicable for income earned from April 1st, 2017 to March 31st, 2018).
VidyaSunil & Associates is into practice of Tax Complaince, Audit, Accounts , Corporate / Business Finance & Outsourced CFO Services.
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