As against the earlier norm, ITR filing has to be completed by the end of the financial year whether it is the original or revised ITR. Earlier the taxpayer was allowed to do it in a maximum two years i.e. revise the ITR for any discrepancies and re-submit the return.
Who needs to file ITR?
Income tax return filing is a mandate for all those whose income exceeds the exemption limit of Rs. 2.5 lakh in a financial year. For other individuals whose age is over 60 years, the limit is Rs. 3 years and still others who are classified as super seniors as per Income tax laws, the limit is kept at Rs. 5 lakhs.
Also even for those whose tax has been deducted at source or whose income after accounting for different available deductions falls below the exemption limit then still the tax return has to be filed mandatorily.
Last date for filing or revising ITR for FY 2017-18 or AY 2018-19
For the financial year 2017-18 or AY 2018-19, the income tax return had to be filed by July 31, 2018, but the date generally gets extended. However, the maximum time allowed to file the same is March 31, 2019 that too with penalty implications. For those with income below the penalty that can be maximum charged is Rs. 1000. For others it can go as high as Rs. 10,000.
This is for all those who were required to file the return under section 139 of the Income Tax Act.
Changes in Rules:
As per the new ruling that was enforced from April 1, 2018, for late filing of return that crosses the deadline of March 31, 2019, for income over Rs. 5 lakh, individual can be charged a maximum penalty of Rs. 10,000. This is as per section 234F which states that penalty fee will be levied for not furnishing income of return under section 139. The provisions stand for ITR that are to be filed for ITR for Assessment year 2018-19 and beyond.
Revision of returns now only allowed for up to year:
For FY 2017-18 ITRs, the revision in respect of any omissions or errors can now be made only up till a year and earlier the window for the same has been 2 years.
So early filing of ITR i.e. by the due date enables an individual to not only avoid late fee but also one can revise the return.
How to file income tax return?
So, with March 31 falling on Sunday, you need to gear up in case you haven't filed the return, the same can be done by accessing any of the private websites or e-filing portal of the IT department. And after the necessary details such as those in relation to income are put and the associated tax amount gets calculated. You need to make the payment along with interest payment if any and complete the process through any of the banking channel.
Remember to e-verify your return through any of the available modes as without that the process of return filing remains incomplete.
Also, do note that for getting refunds in your bank account, you need to revalidate the same and link you bank account number with the aadhaar.