July 31 is the last date for filing ITR for the financial year 2016-17 or assessment year 2017-18. As against other times, this time around finance ministry has not extended the deadline for filing return. Moreover, technical snag in the e-filing portal of the tax department since Saturday can lead to a situation wherein you fail to file the return on time.
So, what recourse you have in such a situation
The proposed penalty amount to the extent of Rs. 10,000 applies from April 1, 2018 i.e for ITRs filed for FY 2017-18 or AY 2018-19. So, without much worry you can still file a return after the due date referred in the Income Tax vocabulary as belated return.
Details related to belated return filing
In case you fail to upload your ITR by July 31 midnight, then you are allowed to file a belated return until the end of AY 2017-18 i.e. March 31, 2018. Also, as a new provision for returns filed for the FY 2016-17 or AY 2017-18 belated returns can also be revised.
Process of Filing belated return
So in order to ensure you do not miss out on some of the benefits, file your belated return, the process of which is similar to the return filed before or on the due date.
With the only difference that you need to mention that return is being filed after the due date. For it in the drop down menu, you need to select the option 'return filed u/s 139(4)'. Also make sure that you need to use the applicable ITR notified for the FY 2016-17 only and not any other ITR form.
Nonetheless, in case of any unpaid tax liability, taxmen will charge interest amount as penalty on the unpaid tax from the due date of filing return to the actual date of ITR filing. Also, in case a demand has been raised by the tax department, then additional interest shall apply on that tax amount also.
If after processing of the ITR by the CPC, income tax, you find that you have erred at some instance, then you can file a rectified return.
The process of return filing is completed with the verification of the same and it ease the process the seeding of Aadhaar in the ITR shall be of great help as now as a verification step an OTP shall be sent to the taxpayer's registered number in the Aadhaar. Else,through the conventional route the dept. allows you 120 days to verify the same.