Income Tax Returns Filing- Due date, Penalty, Applicable ITR & Amendments

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Kunal Mineeyar

Every Person if his total income or the total income of any other person in respect of which he is assessable under the Income Tax Act during the previous year exceeded the maximum amount which is not chargeable to income-tax shall on or before the due date, furnish a return of his income or the income of such other person during the previous year.

The due date for filing Income Tax Return for A.Y. 2018-19 are as follows :-

Any person, who has not furnished a return within the time allowed to him, may furnish the return for any previous year at any time before the end of the relevant assessment year or before the completion of the assessment, whichever is earlier.

The Person can revise the return if he discovers any omission or any wrong statement. The time for the furnishing of revised return shall be available up to the end of the relevant assessment year or before the completion of the assessment, whichever is earlier.From F.Y. 2016-17 belated returns can also be revised.

Section 234F (Penalty for late filing of ITR) is introduced in order to ensure that returns are filed within the prescribed due date.

Recent Amendment proposed as per Finance Bill, 2018 :-

• No Deductions shall be allowed in respect of Certain Income (Sec 80H to Sec 80RRB) if the return is furnished after the due date specified in section 139(1).
• Section 276CC provides for imprisonment of up to 2 years in case a person doesn't file the return of income. However exemption is provided to all persons except companies from prosecution, if the return is furnished till end of assessment year or if the tax payable is up to Rs. 3,000.

RECENT IMPORTANT CHANGES IN ITR FORMS FOR A.Y. 2018-19

NRIs cannot file ITR 1 (Sahaj):

In A.Y. 2018-19 only resident Individuals fulfilling the criteria can file returns using ITR 1. NRIs are no more eligible to use ITR 1. They would need to file ITR 2 which requires more details.

Foreign bank Account for NRIs:

Earlier, in case of non-residents, they could only provide details of bank accounts held in India for credit of refund. But from A.Y. 2018-19 they can furnish one foreign bank account for credit of refund.

More details about Salary & House Property:

The details which are available in Form 16 are now provided in ITR forms which are mandatory. The new ITR also mandates for details on "Income from House Property" such as Gross rent received, Tax paid to local authorities, Interest payable on borrowed capital.

Furnishing details of cash deposit not required:

The field for cash deposited during the demonetization period has been removed in the new ITR forms.

GST Registration Number to be quoted:-

The assesses  having presumptive income from business and profession using ITR 4 or ITR 3 would have to provide GST registration number and its turnover. This is to correlate the direct and indirect taxes and check for any possible tax evasions.

ITR to be filed Online except in certain cases:

There is no change in filing of Income Tax Return. All the ITR Forms are to be filed electronically.  However, where return is furnished in ITR Form-1 (Sahaj) or ITR-4 (Sugam), the following persons have an option to file return in paper form:-

(i) An Individual of the age of 80 years or more at any time during the previous year; or

(ii) An Individual or HUF whose income does not exceed five lakh rupees and who has not claimed any refund in the Return of Income.

ITR Applicability for A.Y. 2018-19 :-

ITR	Applicable to	Income
ITR 1	Resident InResident Individuals	♦ Total income upto 50 lac rupees ♦ Income from salary/pension ♦ one house property (except where loss is b/f) ♦ Income from other sources (excluding winning from lottery and income from Race Horses, Income taxable under section 115BBDA or Income of the nature referred to in section 115BBE).
ITR 2	Individuals & HUF	Other than Income from Profits & Gains from Business & Profession.
ITR 3	Individuals & HUF	Income from Profits & Gains from Business or Profession.
ITR 4	Individuals, HUF & Firms	♦ Income from Profits & Gains from Business & Profession computed in accordance with Presumptive basis ♦ Income from Salary/Pension ♦ One house property (except where loss if b/f) ♦ Other sources (excluding winning from Lottery and Income from Horse races).
ITR 5	Firms, LLPs, AOP, BOI, Artificial Judicial Person, Co-operative society & Local Authority.	All Heads of income.
ITR 6	Companies other than company claiming exemption under section 11.	All Heads of income.
ITR 7	Persons including companies who are required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D) or section 139(4E) or section 139(4F).	All Heads of income.