Why 31st March 2019 deadline is important


(Last Updated On: August 2, 2019)

31st March 2019 marks the end of Financial Year 2018-19. But, it also brings with itself a series of very important and crucial financial deadlines. Every taxpayer shall take care of these deadlines and prepare well in advance to avoid penalties and notices from the Income Tax Department.

 

  • Last date to File ITR for the Financial year 2017-18

For the Financial Year 2017-18, the last date to file the Income Tax Return is 31 March 2019. After this date, you cannot ever file ITR for F.Y. 2017-18 (Assessment Year 2018-19).  For the Financial Year, 2018-19 or Assessment Year 2018-19 the due date to file ITR was 31st July 2018. It was further extended to 31st August 2018. But, the belated return can still be filed by those who have missed filing Income Tax Return till 31st March 2019.

The filing of belated return can also attract you Late Fee u/s 234F upto Rs 10,000 in these two situations

 

Annual Income of Taxpayer

Late Fee u/s 234F

2,50,001 to 5,00,000

Rs 1,000

Above 5,00,000

Rs 10,000

 

To calculate your late fee Refer 234F Late Fee calculator by Tax2win.

 

If you have made some apparent mistake or omission while filing your Income Tax Return for the Financial Year 2017-18 ( AY 2018-19). Then it is your last chance to revise the ITR by 31st March 2019.

 

  • Last Date to Revise ITR for the Financial Year 2016-17

If you have already filed your ITR for Financial Year 2016-17 (AY 2017-18) and is willing to make some changes you can do it till 31st March 2019. Also, an important point to note here is that belated return filed in respect of the same year till Financial Year 2017-18 (AY 2018-19) can also be revised till the said date.

 

  • Aadhar needs to be linked to PAN by 31st March 2019

As per the announcement made by the Hon’ble Supreme Court, every taxpayer who is filing Income Tax Return is required to mandatorily link Aadhar card with its PAN (Permanent Account Number) by 31st March 2019.

 

  • DeadEnd to Tax Planning

If you are among those who are waiting for the last time to make investments and plan their taxes for the current Financial Year. Which means for FY 2018-19 (AY 2019-20) i.e. for the income you have earned between 1st April 2018 to 31st March 2019. Then, you must make tax-saving investments till 31st March 2019 in order to avail the most out of tax planning. Missing the deadline can result in higher tax outflow from your pocket.

 

  • Late Fee under section 234F made applicable

Also, From the F.Y. 2017-18 (Assessment Year 2018-19) Late fee u/s 234F has been introduced on the filing of Income Tax Return after the due date. Let us understand it’s impact –

Total Income* Due Date to file ITR was

Possible to file ITR after Due Date Late Fee u/s 234F
If not filed ITR till due date
Due Date with Late Fee Possible to file ITR after 31st March 19
Upto Rs 2,50,000 31 Aug 2018** Yes Not Applicable 31 March 2019 No
2,50,001 to 5,00,000 31 Aug 2018 Yes 1,000 31 March 2019 No
More Than Rs 5,00,000 31 Aug 2018 Yes 10,000 31 March 2019 No

* Total Income (Income – Deductions from section 80C to 80U)

** The due date of 31 July 2018 was extended to 31 Aug 2018 for the Financial Year 2017-18.

To file or revise your ITR and get the best assistance in tax planning Contact our team of expect CA’s now!!

 

CA Abhishek Soni

Abhishek Soni is a Chartered Accountant by profession & entrepreneur by passion. He is the co-founder & CEO of Tax2Win.in. Tax2win is amongst the top 25 emerging startups of Asia and authorized ERI by the Income Tax Department. In the past, he worked in EY and comes with wide industry experience from telecom, retail to manufacturing to entertainment where he has handled various national and international assignments.