E India CA

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Filing of Income Tax Return for FY 2017-18 i.e. AY 2018-19

Kindly note that for Salaried/Non-Corporate Assessee whose accounts are not required to be audited, the last date of filing Income Tax Return is 31st July, 2018.

and for Company Assessee or Assessee required to undergo audit under income tax act, the last date of filing Income Tax Return is 30th September 2018.

Penalty for late filing of ITR is:

  • If Income up to Rs. 5 Lakh, the Penalty is Rs. 1,000/- (fix) or
  • if income is more than Rs. 5 Lakh, the Penalty is Rs. 5,000/- (if ITR filed upto 31st December 2018) or Rs. 10,000/- (if ITR is filed from 1st January 2019 to 31st March 2019)
    It may also be noted that no ITR can be filed after 31st March 2019 for the year ended 31st March 2018.

IT returns is mandatory for:

  1. an individual or a Hindu undivided family, to the return of income if its total income for the financial year 2017-18 exceeds Rs. 2,50,000 (Rs. 300,000 for senior citizen whose age is 60 years or more but less than 80 years and Rs. 500,000 for super senior citizen whose age is 80 years or more) or any refund is claimed in the return of income.
  2. an individual or a Hindu undivided family, being a resident, having assets (including financial interest in any entity) located outside India or signing authority in any account located outside India or income from any source outside India and required to furnish the return in Form ITR-2 or ITR-3 or ITR-4, as the case may be.
  3. when you are in receipt of income derived from property held under a trust for charitable or religious purposes or a political party or a research association, news agency, educational or medical institution, trade union, a not for profit university or educational institution, a hospital, infrastructure debt fund, any authority, body or trust.
  4. Every person claiming tax relief under Section 90, 90A or 91 shall file return in electronic mode.
  5. Those who are required to get their Account under Section 44AB
  6. A firm required to furnish the return in Form ITR-5 or an individual or Hindu Undivided Family (HUF) required to furnish the return in Form ITR-4 and to whom provisions of section 44AB are applicable
  7. A company (i.e. Private Limited or Limited) is required to furnish the return in Form ITR-6.
  8. A foreign company taking treaty benefit on a transaction in India

Please email at efile@msnmail.in or at msndelhi@gmail.com for doing needful in this regard, if not yet filed.

You may alternatively choose to upload the information using following link http://www.efiling.net.in/income-return-form.php to file your ITR online.

Regards,

Vineet Jain
B.com., FCA

9C, Atma Ram House | 1 Tolstoy Marg | Connaught Place | New Delhi – 110 001
Phone: +91 11 43534898 | Fax: +91 11 43080505 | Mobile: +91 98180 89610 | www.msnandassociates.com

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