New Delhi: The last date for filing income tax return for the financial year 2017-18 or assessment year 2018-19 is July 31.
Here are some important points to know:
- A tax return is an excess tax that one may have paid the Income Tax Department and must reclaim.
- It is mandatory for people to file tax returns if their gross total income exceeds Rs 2,50,000 in a financial year.
- The limits are Rs 3,00,000 for senior citizens (60-80 years old) and Rs 5,00,000 for super senior citizens (more than 80 years old).
- An NRI with an income of Rs 2,50,000 or more also needs to file a tax return.
- A tax return is paid along with an interest rate of 0.5% per month starting from April 1 of the assessment year.
- If you miss the deadline and have a tax liability, you will need to file belated returns and pay the taxes along with a simple interest of 1% per month on the outstanding due, calculated from the July 31 deadline.
- There are also clear penalties now for being late in return filing.
- If you miss the deadline, you can file the returns till December 31, 2018 with a penalty of Rs 5000.
- After December 31, 2018, the penalty to be paid will increase to Rs 10,000.
- If your income is Rs 5,00,000, you have to pay a penalty of Rs 1000 for late filing.
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