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Haven’t filed your Income Tax return? Fear not, you won’t be fined

Date:

The government on Thursday extended the due date for filing of Income Tax returns by one month to August 31, 2018, for those taxpayers who were to file their returns by July 31.

The decision comes days ahead of the July 31 deadline after the government received requests to extend. This year people were apprehensive about the deadline as a fine of upto Rs 5,000 has been imposed on those who failed to file the returns by July 31 and Rs 10,000 if it is not done by December 31, 2018.

ALSO READ: Union Budget 2018: A look into current income tax slabs and how they can…

The Central Board of Direct Taxes (CBDT) notified the new income tax return forms for assessment year 2018-19 on April 5. Experts said the introduction of new forms was leading to delays in filing of returns.

Check which category you fall under

Category Earlier due date for filing
Individual July 31st, 2018
Body of Individuals (BOI) July 31st, 2018
Hindu Undivided Family (HUF) July 31st, 2018
Association of Persons (AOP) July 31st, 2018
Businesses (Requiring Audit) September 30th, 2018
Businesses (Requiring TP Report) November 30th, 2018

 

(This is income tax return for the financial year 2017-18. Applicable for income earned from April 1st, 2017 to March 31st, 2018

ITR guide on the various forms (ITR 1 to ITR 7)

 

ITR 1 Sahaj:

Applicable to individuals that are an ordinary resident in India deriving income from salaries, one house property, other sources and having total income upto Rs 50 Lacs.

ITR 2:

It is applicable to any individual having total income exceeding Rs. 50 Lacs or having foreign asset/income or having more than one residential house property or income from capital gain or HUF.

ALSO READ: GST: Sanitary napkins exempted, tax lowered for other products

ITR-3:

It is applicable to individuals and HUFs deriving income from profits and gains from business or profession along-with any income from salaries or house property or capital gains or other sources.

ITR-4 SUGAM:

It is for resident taxpayers (Individual, HUF, Firm other than LLP), who have opted for presumptive income scheme as laid down under section 44AD, 44ADA and 44AE of the Income Tax Act, 1961.

ITR-5:

This form can be used by a person being a Firm, Limited Liability Partnerships (LLP), AOP/BOI, Private discretionary trust, an Artificial juridical person referred to in section 2(31)(vii), Cooperative Society and Local authority.

ITR-6:

This form is being used by Company, other than a company claiming exemption under section 11 of the Income Tax Act. The ITR also introduces a new Schedule for Ind AS Compliant companies wherein they are required to disclose the balance sheet and P/L account in the same format as prescribed under the Companies Act, 2013

ITR-7:

Required to be filed when individuals including companies fall under section 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4E) or 139(4F). This ITR form is basically meant for trusts claiming exemptions u/s 11 of the Act, Political party, Mutual funds, Securitization trust, and other specified assesses.

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