• CA Shashank Goel

Income Tax Return Filling FY 2017-18 | Due Dates & Penalties

Who is liable to file Income Tax Return??

Every Person, if his

  • total income (after subtracting applicable deduction eg. Tax Saving NSC, ELSS, Medical Insurance Premium, Medi-claim etc. up to the limit prescribed in the act) or

  • total income of any other person in respect of which he is assessable (eg. Guardian, Trustee etc.)

under the Income Tax Act during the previous year exceeded the maximum amount which is not chargeable to income-tax (INR 2,50,000 + Deduction in tax of 2500 Rs if gross income is less than 350000 after deduction i.e. Individuals not required to file return as per law if total income is INR 300,000) shall on or before the due date, furnish a return of his income or the income of such other person during the previous year.

Note: Return is to be filled even if the tax, TDS, has been deducted by the employer

What is the due date for filling Income Tax Return for FY 2017-18??

  • Person not liable to get their books of account audited (Does not include a partner in a firm, where the firm is liable to get audited or proprietor who are liable to get their accounts audited) - 31st July 2018

  • Companies, Non-companies liable to get their books of account audited and Partners excluded above - 30th September 2018

  • Person liable to Submit report under 92E (Report on transfer pricing transactions) - 30th November 2018

What if someone missed the due date for filling return for FY 2017-18?

Any person who fails to furnish returns within the above due dates may furnish the return upto

  • the end of the relevant assessment year i.e. 31st March 2018 or

  • before the completion of the assessment

whichever is earlier.

Penalties for a delay in filling Tax return?

However, from Assessment Year 2018-19 (FY 2017-18), following penalty shall be applicable for delay in filling:

  • Return filled after the due date but before 31/12/2018 - INR 5000

  • Return Filled between 01/01/2019 - 31/03/2019 - INR 10000

  • If total income is less than INR 500000 - Maximum INR 1000


  • Further, no deduction shall be allowed under section 80H to 80RRB at the time of filling belated return

  • Section 276CC provides for imprisonment of up to 2 years in case a person doesn’t file the return of income. However, exemption is provided to all persons except companies from prosecution, if the return is furnished till the end of assessment year or if the tax payable is up to Rs. 3,000

Can a return once filled be revised?

A person can revise the return if he discovers any omission or any wrong statement. The time for the furnishing of revised return shall be available up to the end of the relevant assessment year or before the completion of the assessment, whichever is earlier.

Click here to download List of Section between 80H to 80RRB


#IncomeTaxReturn201718 #TaxReturn

1 view0 comments