Sunday, 31 May 2020

Filing of Income Tax Returns for Assessment Year 2018-19

Updated: May 18, 2018 2:24 pm

Filing of Income Tax Returns (ITRs) of course is a normal yearly activity conducted by all of us every year. What is new this year which is prompting to write about this now. I can do this by 31st July 2018, if I am an individual salaried person, and if could not finish it by then due to some reason, I shall do it latest by 31st March 2019. I know all of this, right!

No, a few things have changed during this year which need your attention.

As per the changes applicable effective 1st April 2018, you need to file your return in time (by “due dates” as prescribed by Income Tax Act and Rules) and if you fail to do so, a mandatory “Late filing fees” will be added to your tax liability, in addition to additional “Penal interest” which you need to pay anyways under section 234A, 234B and 234C of the Income Tax Act.

You may note that w.e.f. 1st Apr 2018, a new section Sec 234F is inserted to levy penalty for late filing of ITR. Sec 234F is effective from  Assessment Year 2018-19 ( Financial Year 2017-18).

If ITR for AY 2018-19 is filed after due date (31th July for individuals without audit, 30th September for other persons) but before 31st  Dec 2018 then Late filing fees of Rs.5,000/- will be levied and if ITR is filed after 31st Dec then Rs. 10,000 will be levied as Late filing fees.

However, for small tax payers with income upto Rs. 5 Lakhs, Late filing fees will be restricted to Rs.1,000 only.

The Late filing fee (penalty) will be as follows:

There were enough disincentives for filing belated returns (i.e. filing after due dates but before the last date) even earlier for some classes of taxpayers such as business owners and Companies such as:

  1. the losses (other than house property losses) were not allowed to be carried forward for set off in next years
  2. the additional interest is chargeable under section 234A for late filing of ITR, in case there is any tax due to be paid. This is apart from additional monthly penal interest accruing u/s 234B and 234C, if the tax is due to be paid.

The last date for filing belated returns has already been reduced last year from “1 year after the end of the assessment year” to “the last day of the assessment year”. That means even belated returns for AY 2018-19 with Late filing fees can be filed only till 31st March 2019. That means you cannot file ITR for AY 2018-19 after 31st March 2019, in normal course.

The due dates for filings of ITR should be kept in mind:

  1. Salaried Individuals, AOPs, Individual business owners, Firms whose books are not to be audited – it is 31st July 2018
  2. Companies, Partnerships Firms and Trusts where the books are to be audited under IT Act or any other law or Partners of such Firms – 30th Sep 2018
  3. For persons who are required to submit a report u/s 92E of the Income Tax Act – 30th Nov 2018


(Author is the Founder of and can be contacted at

By CA.Piyush Garg


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