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Income Tax Return : Due Dates, Types & Penalties (FY 2018-19 AY 2019-20)

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What is Income Tax?

Tax is a pivotal arm for good governance of a state or nation.

There are different types of taxes and they can all be categorized into two main groups i.e Direct tax and Indirect Tax.

A direct tax is levied on the income or profit of an individual. Income tax is an example of direct tax. Indirect tax is levied on goods and services.

Income tax due date comes every year in March ending must be followed strictly for safeguarding financial interest.

A popular example in this regard would be the GST or the VAT.

Like all taxes, accrues from Income Tax also constitute a good portion of the country/state treasury. In addition to these Income Tax also acts as a fiscal deficit stabilizers as well as minimizing impact of Global Economic Cycles.

Types of Income Tax

Income Tax is further subdivided into three more categories based on the category of payee and time of payment.

These are:

  • 1. TDS (Tax Deducted at Source)
  • 2. Advance Tax
  • 3. Self-Assessment Tax

1. Tax Deducted at Source (TDS)

TDS, as it is commonly known, is collected at the income source itself. The tax is paid by a third person/corporation who/which happens to be the source of income for the taxpayer.

The other person/corporation must, however, abide by the prevalent IT laws. TDS is an ideal mechanism for the government to ensure timely Income Tax payment as well as curb tax evasion.

2. Advance Tax

Also referred to as ‘pay as you earn tax’ in contrast to the scheduled annual tax payment tax procedures, Advance Tax is paid on a Presumptive basis.

Taxpayers, Businesses, Salaried Individuals and freelancers with tax liabilities greater than Rs 10,000 for the current Financial Year are needed to pay advance tax in four instalments throughout the financial year in which they earn income.

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The taxpayers need to pay Advance Tax as per the following table:

Advance Taxes of Income Tax for FY 2018-19 & AY 2019-20

Due DatePay Advance Tax
On or Before 15th June15%
On or Before 15th September45%
On or Before 15th December75%
On or Before 15th March100%

For businesses who have opted for Presumptive Taxation Scheme 100% of advance tax is payable by 31st March.

3. Self-Assessment Tax

This is the balance or remaining tax paid by an individual or taxpayer after taking into account the TDS and Advance Tax.

What is meant by Assessment year and Financial Year?

Financial Year is the current working year in which an individual or corporation earns income. The Assessment Year is, on the other hand, the succeeding year in which evaluation of the previous year’s income has to be made.

Assessment Year involves:

  • Income Evaluation.
  • Paying Taxes on the evaluated income as per the rate(progressive) and time ( regular or periodical or on an occasional) notified by the IT Department.
  • For FY 2018-19, the AY is 2019-20.
  • The last date to file the tax return (ITR) for the financial year 2018-19 is 31st July 2019.

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Income Tax Returns (ITR)

ITR are forms that are mandatorily filled by individuals whose annual income greater than a pre-set threshold limit set by the Finance Department.

It details the individual’s gross income from various sources and respective tax paid by the individual taxpayer on the gross income. It also details the refund claims as per the rules set by the Finance and IT Department.

In simple terms, ITR forms are taxpayers statement detailing his/her earnings regular income (wages), interest, dividends, capital gains, or other profits, the total tax paid on earnings and the appropriate refunds to be repaid to him/her by the Government.

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As per the Central Board of Direct Taxes, individual taxpayers need to file only 6 of the 9 ITR Forms.

These include:

  • ITR-1
  • ITR-2
  • ITR-2A
  • ITR-3
  • ITR-4
  • ITR-4S

The remaining three forms are to be filed by companies and firms alone:

  • ITR-5
  • ITR-6
  • ITR-7

Form ITR-1

Also known as the Sahaj Form, ITR-1 has to be filed by individual taxpayers alone. Individuals belonging to any of the following groups need to file ITR-1 Form.

  • Individuals who are Salaried or claim Pension.
  • Individuals whose only source of income includes a single housing property
  • Individuals with income sources like fixed Deposits, Investments, Shares etc
  • Individuals with no income sources outside India.
  • Individuals whose net agriculture income is less than Rs 5,000.
  • Income from other sources (excluding winning from lottery and income from race horses, income tax under section 115BBDA or Income of nature referred to in section 115BBE)

Form ITR-2

This form was introduced during the assessment year 2015-16 for use by Hindu Undivided Family (HUF) or any individual. The following individuals/taxpayers can file ITR-2 Form.

  • Those individuals eligible to file Sahaj () and
  • Those who claim no income source under the head “profits or gains of business or profession”.

Form ITR-3

ITR 3 Form is for use by a Hindu Undivided Family or an individual

  • Who is not qualified to file Sugam (ITR-4)and
  • claims income under the head “profits or gains of business or profession”

Form ITR-4

Also known as Sugam, ITR 4 Form is for use by HUF/ individual / Partnership Firm whose total income subsumes:

  • Business income evaluated in reference with special provisions mentioned in section 44AD and section 44AE of the Act for computation of business income; or
  • Professional income evaluated in reference to special provisions of sections 44ADA; or
  • Salary/ Pension; or
  • Income from One House Property (excluding cases where a loss is brought forward from previous years); or
  • Income from other sources (excluding windfalls like lotteries or horse racing)

Form ITR-5

ITR-5 is for firms, LLPs, AOPs (Association of persons) and BOIs (Body of Individuals). Further, it is also meant for an artificial juridical person referred to in section 2(31)(vii), cooperative society and local authority. ITR-5 can be filed both online (under digital signature) and offline.

Form ITR-6

ITR 6 can be used by companies claiming exemption on income from property held for charitable or religious purposes under section 11.

Form ITR-7

ITR 7 Form can be used by persons as well as companies which 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).

Important Income Tax Return Filing Due Dates for FY 2018-19 (AY 2019-20)

The income tax due date 2018 for both the categories of taxpayers are specified below:

Particulars AY: 2019-20

Due Date
Individuals, HUF, BOI, AOP (Income Tax Return by Assesse whose Books of Account are not required)31st August, 2019 (Revised)
Due date of filing the Income Tax Return by businesses whose Books of Account are not required to be audited31st August, 2019 (Revised)
Filing ITR Due Date for (Assessee who are required to furnish report under sec 92E)30th November 2019
Due date of filing the Income Tax Return by businesses whose Books of Account require an audit30th October 2019

As per the section 234F of the Income Tax Act, 1961, the late payment of return will attract late fee charges and the late filing fee is required to be paid ahead of the furnishing income tax return.

Some changes are made to the FY 2018-19 and are listed below:

-> Reduced Tax Rate

The taxpayer whose income ranges from 2.50 lakh to 5 Lakh has to pay tax at 5% instead of 10% before.

-> Rebate

In FY 2016-2017, for a taxpayer with annual earning up to Rs. 5 lakh, the allowed rebate was Rs. 5,000. Now, the residential individual will get a rebate of Rs. 2,500 with an annual income of up to Rs. 3.50 Lakh.

-> Late Fee

If the taxpayer does not file income tax return before 31st August 2018 which is the due date, then he/she has to pay a late filing fee under section 234F. This late fee is chargeable ahead of furnishing Income Tax return.

Income Tax Late Fee Charges

-> Limit In Donations

Previously, cash donations of up to Rs. 10,000 was permitted in terms of deduction. This limit has been reduced to Rs. 2,000 starting from FY 2018-19.

-> Section 194-IB For HUF and Individuals Paying Rent Exceeding Rs 50,000 a Month

HUF and Individuals who pay Rs. 50,000 and more in rent per month, 5% TDS will be deducted on such rent amount.

-> Cess

In order to increase the funds for education purpose, Secondary and Higher Education Cess which is 1% and Education Cess which is 2% is replaced by the Health and Education Cess which is 4% now.

-> Income from Salaries

From the salaried income, a standard deduction at a fixed price of Rs. 40,000 for reimbursement and Transport of various medical spendings will be permitted. This deduction is also exercisable to Pensioners who presently do not obtain those benefits.

Moreover, the medical reimbursement advantages in hospitalization case will be available along with the standard deduction as mentioned above.

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40 Replies to “Income Tax Return : Due Dates, Types & Penalties (FY 2018-19 AY 2019-20)”

  1. SAVI TRADERS
    October 4, 2019

    I WANT TO KNOW LAST DATE FOR SELF ASSESEMENT TAX

    • CA Portal
      October 4, 2019

      The self assessment tax can be paid anytime before the filling of Income tax return, though it can be paid beyond that also but with with applicable interest.

  2. SANJAY JAIN
    September 27, 2019

    INCOME TAX ADUIT LAST DATE FOR F.Y . 2018-19 PLEASE TELL ME

    • CA Portal
      September 27, 2019

      The CBDT has extended the due date for filing of Income tax returns and Tax Audit Reports for audit cases has been extended to 30th September 2019 to 31st of October 2019.

  3. Thanks for sharing this blog. useful information.
    Keep writing and sharing.

  4. aisha garg
    September 24, 2019

    I found your article very informative and I totally love how the concepts are explained in this blog post. Thanks for sharing your insights. It helps a lot.

  5. Has the last date for Filing IT returns with audit report been extended or not. Any update? For A. Y. 2019-20 it is 30 sep 2019.
    Is there any notification….. Please reply

  6. abhijit halder
    September 23, 2019

    i am abhijit halder i do not submit the 44ab 3cd return at last date please tall me that our from below 5 laks and please tell me that our late fees of income tax act

  7. Sir I’m new tax payers F.Y.2017-18 I’m not filling, F.Y. 2018-19 and 2017-18 both fillings ITR

    Reply

    • CA Portal
      August 7, 2019

      Sir, both filing with Fy 2017-18 and 2018-19 does not file the income tax return.

  8. A K JOSHI
    July 20, 2019

    Sir what is the last date of filing ITR -7 of the trust or society for F Y 18-19

    • CA Portal
      July 22, 2019

      in case of trust is not liable for audit then 31st July 2019 and in case of audit 30th Sept 2019.

  9. Really a useful article for the income tax payer. now i know everything about income tax retun, due dates, penelties
    thanks for the information

  10. Satish Pawar
    July 3, 2019

    Sir, F.Y 2018-19 Income tax Filing Due Date is 31st july 2019 can Extended for 31st August 2019?

    • CA Portal
      July 4, 2019

      No notification the department extended income tax due date of filling.

  11. Dibakar Paul
    July 2, 2019

    Sir, F.Y 2018-19 Date Of Fileing Income tax Will Be Extended?

  12. santosh
    June 11, 2019

    Sir I’m new tax payers F.Y.2017-18 I’m not filling, F.Y. 2018-19 and 2017-18 both fillings ITR

    • CA Portal
      June 12, 2019

      You can file your ITR for FY 2018-19 till 31st july 2019, however for FY 17-18 you cannot file your return now.

  13. M.M.KANNAN
    June 9, 2019

    SIR , DATE OF BIRTH IS NOT MATCHING WITH PAN NUMBER AND AADHAR NUMBER SO IT IS NOT ABLE TO LINK AADHAR WITH PAN IS THERE ANY OTHER MODE TO LINK AADHAR WITH PAN ?
    SINCE IT IS NOT LINKED WITH EACH OTHER I CANNOT ABLE TO DO FILE ITR 4 BUT PREVIOUS FINANCIAL YEAR I HAVE DONE EFILING OF ITR 4 WITHOUT LINKING AND OBTAINED CPC ORDER FOR THAT YEAR ALSO
    PLEASE GUIDE ME NOW WHAT SHOULD I DO

    • CA Portal
      June 10, 2019

      As per notification by the income tax department, pan and Adhara linking has to be done before Filing Income Tax Return for the ay 2019-20. so you are required to apply for change of birth and then after linking, you can file return.

      • M.M.KANNAN
        June 10, 2019

        HOW MANY DAYS IT WILL TAKE FOR MODIFYING DATA IN PAN DATA BASE AND FOR GETTING NEW PAN CARD WITH CORRECT DATE OF BIRTH
        IS THERE ANY OTHER MODE FOR FILING INCOME TAX RETURN – ITR 4 FORM

        • CA Portal
          June 12, 2019

          It generally takes 15-20 days for updation of PAN particulars if all the documents are in order. It is mandatory to link PAN with Aadhar first to file your ITR.

  14. Sir, what is the last date of the audit and return filing of the year 2019-20. Transporter Firm

    • CA Portal
      May 8, 2019

      The last due date is 30th September 2019 for audit and returns filing of the assessment year 2019-20.

  15. GAURAV TYAGI
    April 18, 2019

    I MISS ITR 18-19, CAN I FILING ITR WITH BACK DATE WITHOUT ANY PANALTY

    • CA Portal
      April 22, 2019

      If you miss ITR 18-19 then you can file backdate ITR with the penalty for next financial year.

  16. Girija kailasam
    March 31, 2019

    Having confused information on Last date for filing ITR by salaried Class for F.Year 2018-2019
    In some places it has been mentioned as 31st July 2019 and in some places as 31july 2018
    Which one is correct. please clarify.

    • CA Portal
      April 2, 2019

      31st July 2019 is the last date for filing ITR by salaried class for F.Y 2018-19.

  17. mohan reddy bhavanam
    March 22, 2019

    The last date to file the tax return (ITR) for the financial year 2018-19 is 31st July 2018 IS THE STATEMENT IN THE CONTENT. BUT IT SHOULD BE 31 JULY 2019.
    IT SHOULD BE RECTIFIED.

  18. Elroy Deltoro
    January 9, 2019

    I like this blog so much, saved to bookmarks.

  19. aaradhya creations
    October 1, 2018

    Sir, FY 2017-18 due date of filling income tax is extended?

  20. Priyanka Agarwal
    October 1, 2018

    what is the last date of the audit and return filing of the year 2017-18.

    • CA Portal
      October 1, 2018

      15th October 2018 is the last date of the audit and return filing of the year 2017-18.

  21. SUBHASHINI p
    March 29, 2018

    Hi
    i want to know due datse for tds payments for 2017-18.

    regards
    Subhashini P

    • CA Portal
      March 29, 2018

      TDS Last Dates of FY 2017-18 for Return Filing.
      1st January to 31st March – 31st May 2018

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