Did you miss the ITR filing deadline? Know the implications!
The initial deadline for filing tax returns this year was July 31. After several complaints about server problems, it was extended to August 5. But you might have missed the deadline. Very few people know that there is still a way to get it done before it's too late. What might be the implications if you haven't filed by the deadline? Find out here.
First, know the benefits of filing ITR on time
If you file returns timely, you are entitled to interest on the tax deducted at source (TDS) starting April 1, 2017. You are also eligible for interest on refunds. If you paid advance taxes, and if what you paid turns out to be more than your tax liability at the end of the year, you are entitled to a refund plus interest on it.
In case you missed the deadline, you still have time
You can actually file returns for a particular year till the end of the year, i.e. till March 31, 2018. The process for filing belated returns is the same. You have to choose 'Return filed u/s 139 (4)' at relevant places while filing it online. There are no penalties for belated filing now, but starting FY 2017-18, fines up to Rs. 10,000 may be levied.
If you made a mistake
If you made a mistake while filing before the deadline, you can file revised returns. However, if you filed afterwards and made errors then, you will have to wait a notice from I-T and follow instructions.
Missed the March 31 deadline too?
If you miss the final deadline too, I-T would issue a notice seeking explanation and proof. If you file returns for the next year and if your income is over Rs. 5L, a penalty of Rs. 5,000 will be levied provided returns are filed before December 31, 2018. After that it's Rs. 10,000. If income is below Rs. 5L, the fine is Rs. 1,000.
