Due Date for Tax Filing for AY 2017-18

Due Date for Tax Filing for AY 2017-18

Due Date for Tax Filing for AY 2017-18

The due date for filing Income Tax Return is provided U/S 139 of the Income Tax Act. Mode of filing income tax return and correct form is prescribed under the rule 12 of income tax rules, which have been amended, vide notification dated 30th March 2017. The Due Date for Tax Filing for AY 2017-18.
The due date for filing income tax return for an individual is 31st July of the assessment year, which immediately follows the financial year. Now, the filing of income tax return has become more important than ever for those who have made cash deposits over Rs. 2 lakhs in their bank accounts during the demonetization period.

Due Date for Tax Filing for AY 2017-18

Who is required to file income tax return?

  • For Individual/HUF/AOP/BOI/Artificial juridical person:

Every individual/HUF/AOP/BOI/Artificial juridical person has to file income tax return if his total income exceeds the maximum amount which is not chargeable to tax or exceeds the exemption limit, without giving effect to the provisions of section 10(38), 10A, 10B or 10BA or chapter VIA.

  • For partnership firm:

It is mandatory for every partnership firm (including LLP) to file the return of income, irrespective of its income being profit or loss.

  • For companies:

It is mandatory for every company to file the income tax return irrespective of its income or loss.

  • For certain associations:

It is mandatory for the following entities to file the return on income if their income exceeds the exemption limit.

  1. Association or institution referred to in section 10(23A)
  2. Institution referred to in section 10(23B)
  3. Research association referred to in section 10(21)
  4. News agency referred to in section 10(22B)
  5. Institution/trust/any educational, hospital, or medical institution as referred to in (iiiad), (iiiae), (iv), or (via) of section 10(23C)
  6. Body/board/authority/trust/commission as referred to in section 10(46)
  7. Infrastructure debt fund as referred to in section 10(47)
  8. Mutual Fund as referred to in section 10(23D)
  9. Securitization trust referred to in section 10(23DA)
  10. Venture capital company or venture capital fund referred to in section 10(23FB)
  • For business trust:

It is mandatory for every business trust, which is not required to furnish a return of income under any other provision of the Act, to furnish the return of income every year irrespective of income or loss.

  • For certain university, college or other institution:

It is mandatory for every university, college or other institution as referred to in section 35(1)(ii) and 35(1)(iii), which is not required to furnish the return of income or loss under any other provision of the Act, to furnish the return every year irrespective of income or loss.

  • For political parties:

It is mandatory for CEO of every political party to file the return if the total income without giving effects to the provisions of section 13A, exceeds the exemption limit.

  • For investment fund:

It is mandatory for every investment fund referred to in section 115UB, which is not required to furnish return of income under any other provisions, to furnish the return of income every year irrespective of income or loss.

  • For persons holding assets outside India:

It is mandatory for a person to furnish the return of income, who is a resident in India and is not required to furnish a return under any of the above provisions and who at any time during the PY;

  1. Is a beneficiary of any asset located outside India
  2. Holds as a beneficial owner or otherwise, any asset located outside India or has signing authority in any account located outside India

Due date for filing income tax return for AY 2017-18:

Particulars Due Date
Individuals, HUF, BOI, AOP, salaried, self-employed who are not required to get tax audit (no audit requirement) 31st July of the relevant AY
Company, taxpayers who are mandatorily required to get tax audit done, a working partner in a firm (audit is mandatory) 30th September of the relevant AY

Tax 2017-2018

Due to the difficulties faced by taxpayers, the due date for filing ITR for AY 2017-18 has been extended to 5th August 2017. The last date of linking the PAN with Aadhaar is also extended to 31st August. 2017.

Payment of Advance Taxes: Assessee who are covered U/S 44AD are required to pay the advance tax on or before the 15th March of the PY.

  • For individuals/firms:
  • 1st payment of 30%, 15th September
  • 2nd payment of 60%, 15th December
  • 3rd payment of 100%, 15th March
  • For companies:
  • 1st payment of 15%, 15th June
  • 2nd payment of 45%, 15th September
  • 3rd payment of 75%, 15th December
  • 4th payment of 100%, 15th March

ITR Dates

The above dates are ITR due date. However, the returns can also be filed after the due date with interest. Belated return on income tax can be filed in one year from the end of relevant AY. If a belated return is filed after the income tax due date, the tax payer would be liable to pay tax with interest at 1% per month U/S 234A. The interest will be payable for the period starting from the due date of filing till the date, the return is filed. The amount already paid via advance tax or TDS will be subtracted from the total tax payable plus interest with the fees, but this applicable from 1st April 2018.

If the return for the FY 2017-18 is filed after the due date but by 31st December 2018, a penalty is applicable of Rs. 5000. If the return is filed after 31st December 2018 but by 31st March 2019, the penalty is applicable of Rs. 10000. However, the penalty is limited to Rs. 1000 for those having income up to Rs. 5 lakhs.

In case, any unintentional mistake or error in the return of income filed by the taxpayer is made, it can be corrected by filing a revised return at any time before the expiry of the one year from the end of the relevant AY or before the completion of the assessment, whichever is earlier. Only a return filed U/S 139(1) as well as U/S 139(4) can be revised and not a return of income filed pursuant to notice U/S 142(1) of Act.

There are certain consequences of delay in filing the income tax return such as;

  • Loss cannot be carried forward
  • Certain exemptions/deduction available U/S 10A, 10B, 80-IA, 80-IB, 80-IAB, 80-IC, 80-ID and 80-IE are not allowed
  • Interest U/S 234A at 1% per month is applicable on net outstanding tax due amount
  • Mandatory fee is levied

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