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AllIndiaITR is the one stop for all your efile & income tax troubles. AllIndiaITR is the one stop for all your tax troubles. We understand how confusing it can be for the common man to file income tax return; not to forget the time spent in looking for meanings of income tax related terms. So, visit our site to experience a fun and hassle-free efiling process. AllIndiaITR offers you professional services like HRA calculator, IT return service, rent-receipts generator, NRI plan, income tax calculator, etc. provided by the experts in taxation. \n

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filing income tax returns in the year 2018 filing

FilingIncomeTaxReturnsintheYear 2018

Filing income tax returns no longer involves pen and paper and a calculator. So you may have to changeoldjokes describingyourdutiestosocietyatthenextfriendlygettogether.

It ismandatoryforeachresidentIndiantoe-filehertaxesifsheearnsmorethanRupees2.5 lakhina year.Thisruleissetin stone followingaliteralreadingofSection139 oftheITAct,1961. Isthereany chance of a leeway in terms of declaration of levies paid to the government? Not for the financial year 2017-18. Finance Minister Arun Jaitley had already announced earlier in the year that those unabletofiletheir taxesbytheduedatewouldface stifffinesandpenalties.

This threat has now been given teeth by the insertion of Section 234F to the existing statute that stipulatesapenaltyofRupees5000onthosedeclaringtheirtaxesafterthe31stofJuly(oranyother duedateasspecifiedbytheauthorities)butonorbeforethe31stofDecember,2018.

ThistollcouldgouptoRupees10,000incaseyoudoyourreturnsafterthisdate. Thereisthesmall consolation that your burden would not increase by Rupees 1000 if you earn less than 5 lakh in a year.

apart from fees and fines you will also

Apartfromfeesand finesyouwillalsobe chargedinterestonarrearsstartingfromthedatethe windowclosed tothedatethegovernmentreceivesyourstatementonline.

  • Themessageissimple:Donotfailtodeclare yourannualstatementsand doitonline.Becauseit’s
  • fast,easyandsecureandchargesnexttonothingifyouareanordinaryassessee.
  • Thereare,ofcourse, several advantages todoingyourfilingsontime.
  • Firstly,youbecomeeligibleforearlyrefundsonexcesspaymentstothegovernment.
  • Secondly, you contribute to keeping CA assistance costs low by distributing demand along thefullrangeoftheallottedtimefordeclaration.
  • You get a fuller chance to rectify mistakes in your declaration. You do notget charged interest for suchfailures.
  • Thisinformation isprovidedtoyouinthepublicinterestcourtesyofAllIndiaITR, aproductof Corwhite Solutions PrivateLimited.