Income tax Return for FY 2017-18

Question BankCategory: Income TaxIncome tax Return for FY 2017-18
Abhishek asked 8 months ago

What is due date for filing income tax return for individual of 40 years for salary income for the financial year 2017-18. and due date for filing, filing revised return and filing belated return. and what is penalty on delay in filing income tax return for FY 2017-18.

1 Answers
Rahul answered 8 months ago

Due date for filing income tax return for FY 17-18 for individual & HUF is:-
whose accounts are required to be audited u/s 44AB (ITR-3)
30th September 2018
A working partner where the firm in which he is a working partner has to get its accounts audited u/s 44AB. (ITR-2)
30th September 2018
who is required to furnish report u/s 92E
30th November 2018
Other Individuals or HUF (ITR-1 or ITR-2 or ITR-4-Sugam)
31st July 2018

Penalty for delay in filing income tax return:-
W.e.f Financial year 2017-18, penalty u/s 234F is introduced for delay in filing the return. If assessee failed to furnish return of income within due date as prescribed in section 139(1)(as given above) then he is required to pay penalty as follows:-

  •     Rs. 5000 if return is furnished on or before 31 December of assessment year.
  •      Rs. 10,000 in any other case.

(However, if total income of the person does not exceeds Rs. 5 lakh then fee payable shall
be Rs. 1000.)
Belated Return:-
If income tax return not filed as per above deadline then belated return u/s 139(4) can be filed upto 31-03-2019, But penalty as above shall apply.
Revised Return:-
Return filing within time or belated return as above can be revised u/s 139(5) upto 31-03-2019.

Your Answer