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Thursday, July 12, 2018

File your IncomeTax return within 31st July or pay hefty fee

Those who are mandated to file return of income, must file it within due date or be prepared to shell out hefty late filing fee.
Salaried individuals (And pensioners) who have to file return of income should file it within 31st July to avoid late fee.
Those whose total income[before allowing any chapter VIA deductions (80C to 80U) and exemption u/s 10(38) exceeds Rs 2,50,000 (Rs 3,00,000 for senior citizens) have to file the return of income mandatorily even if there is no tax payable.
If they file the return after 31st July but before 31st December, late filing fee u/s 234f will be Rs 5,000.
If the return is filed after 31st December but before 31st March, late fee will be Rs 10,000.
If the total income of the person does not exceed five lakh rupees, the fee payable under this section shall not exceed one thousand rupees.
This fee is introduced for the returns filed for F.Y. 2017-18 onwards.
So file your return early and do not wait for the last date as in the last couple of days server may be overloaded with a huge number of users and you may have to miss the bus

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