HERE IS YOUR LAST CHANCE IF YOU HAVE NOT SUBMITTED YOUR | INCOME TAX RETURN FOR FINANCIAL YEAR 2018-19

income tax return for financial year 2018-19

HERE IS YOUR LAST CHANGE IF YOU HAVE NOT SUBMITTED YOUR INCOME TAX RETURN FOR FINANCIAL YEAR 2018-19

income tax return for financial year 2018-19

Here your last change if you have not submitted you income tax return for financial year 2018-19- As we are aware of the fact that we are in the last week of the important month ie., March is going to be ended in a few days. As an individual taxpayer one needs to know that financial deadlines are coming for submission of belated tax returns, revised returns, and payment of advance taxes.

The deadline for filing of belated ITR for the Financial Year (FY) 2018-19 is just a few days away and very important for the ones who are yet to submit their IT return.

We have listed out the deadlines that fall in the month of March 2020:

A. BELATED INCOME TAX RETURN FILING

The last date of filing of ITR for FY 2018-19 is 31st March 31, 2020. If you have not filed your belated return within the aforesaid timelines then you will not be able to file it again unless it is asked by the Income Tax Department. It is to be noted that while filing of belated return taxpayers is required to pay late fees, the same is 10,000/- however, it is restricted to 1,000/- if the return is filed for the income not exceeding 5 Lakhs in any financial year.

B. REVISED INCOME TAX RETURN FILING

Revised return can be filed on or before 31st March 2020, this shall be filed if you find that you have made some inadvertent mistakes in the filing of your return for the FY 2018-19, it will be the final time to rectify your mistake. If you miss out or delay in filing your revised return up to the deadline of 31st March 2020 then you cannot revise your return further.

C. PAYMENT OF ADVANCE TAXES

The deadline for filing of advanced tax has already been passed away which was 15th March 2020(Advance tax installment for FY 2019-20). It is to be noted that if the advanced tax payment is not made in time then interest shall be levied for delay in filing of return. The provision shall be applicable on the taxpayer to the sections 44AD and 44ADA applies.

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