Tomorrow is the last day to file Income Tax returns
Posted on: 30/Aug/2018 12:02:01 PM
Tomorrow (Friday, 31st August) is the last day for all earning individuals to file their Income Tax returns. The Income Tax department has strictly warned that in case there is a failure to meet this deadline, penalties will have to be paid.
The filing of Income Tax returns for the financial year 2017-18 commenced in April and is still in progress.
From this current year, it has been mandatory for all the individuals who earn more than Rs. 2.5 Lakhs per year through monthly salaries or pensions.
Though the individuals may invest in various sources to reduce the Income Tax burden to come within the non-tax paying category, it is still mandatory for them to file their Income Tax returns without fail.
The deadline for filing IT returns is getting over tomorrow. The IT department has already warned about payment of penalties failing this deadline.
The deadline for filing IT returns for the financial year 2017-18 was over in July. Still, the deadline has been further extended till 31st August- tomorrow. Hence, all individuals who come under the taxable annual income bracket as mentioned above must file their Income Tax returns before tomorrow.
The Income Tax returns filed after midnight 12.00 tomorrow will entail penalties. The individuals with annual earnings of Rs. 5 Lakhs will need to pay a penalty of Rs. 1000. The individuals whose annual earnings exceed Rs. 5 Lakhs will need to pay a penalty of Rs. 5000 if filing before 31st December.
It is possible to file the IT returns between 1st January 2019 and 31st March with a penalty payment of Rs. 10000. The IT officials informed that after his period, it is not possible to file the Income Tax returns for the period 2017-18.
With the above situation, Income Tax Filing preparation assistance centres have been set up in the Income Tax office. The Income Tax department officials informed that the individuals filing IT returns may avail the help of these assistance centres.
The situation in Kerala � Due to the recent incessant rains, the state of Kerala has been flooded and only just now, it is recovering from this great calamity. So, the Direct Taxation Department of the central government has made a change in its announcement dates 26th June. The individuals from Kerala can file their Income Tax returns until 15th September as the last date.
