Income tax return filing Deadline 31st March 2018 : Whether Revision of ITR Possible or Not ?

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Income tax return filing Deadline 31st March 2018 : Whether Revision of ITR Possible or Not ?

Income Tax Return Filing Last Date is 31st March 2018 for F.Y. 2016-17 & 2015-16.

Income tax return filing within in due date is duty of each and every taxpayer. But sometime due to certain circumstances and unavoidable situations, taxpayer could not file their income tax return within due date. For them, 31st March 2018 is last date to file their Belated Income tax return for the period F.Y. 2015-16 and F.Y. 2016-17.

As per amendment in Finance Act 2016, Now Belated Income tax return can be filed on or before the expiry of 12 months from the end of financial year instead of earlier 24 months. 

Illustratively, Now Income tax return for the financial year 2016-17, can now be filed on or before 31st March 2018 instead of 31st March 2019. And if anyone file Income tax return after 31st March 2018, then penalty under section 271F amounting Rs. 5000/- will be levied in addition to Interest u/s 234A, 234B and 234C in case of tax payable. 

Belated Return Can Now Be Revised.

There is One relief that has been provided via amendment in Finance Act 2016 is “Belated Return Can Now Be Revised”.

Section 139(5) which deals with filing of revise return has been amended to provide that Belated return can now be revised, it is good for tax payer is that this amendment will be applicable from 31st march 2017 and onwards. It means that from 31st march 2017, belated return filed upto 31st march 2018 can be revised.

Belated Return can be revised on or before expiry of 12 Months.

There is one more amendment came in Finance Act 2017 is belated income tax return can be revised on or before the expiry of 12 months from the end of financial year instead of earlier 24 months. But this amendment will be applicable from 31st march 2018. So there is relief for tax payer is that belated return filed upto 31st march 2018 for F.Y. 2016-17 can now be revised till 31st march 2019. But Belated return filed for 31st march 2018 can be revised till 31st march 2019 instead of 31st march 2020.

 

By | 2018-03-16T18:03:02+00:00 March 16th, 2018|Due Dates, How To, Income Tax, Latest News, Startup|Comments Off on Income tax return filing Deadline 31st March 2018 : Whether Revision of ITR Possible or Not ?

About the Author:

CA Lukesh Sethi is owner and founder of www.gstonlinefiling.com, Having more than 5 years experience in taxation and corporate laws serving many clinets in practice. Can be reached at lukeshsethiaca@gmail.com
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