CSC would like to explain some Very Import Tax Provisions relating to AY 2018-19 to clear VLE Queries. Please spare a moment for us.
Missed Filing Your IT Return before Due Date? What You Can Do.
As per Section 139(4) of the Income Tax Act, you can file belated return for AY 2018-19 till 31-Mar-2019.
When the Late Filing Fee is applicable?
If you file Income Tax Return post 31-Aug-2018, the late filing fee will be levied u/s. 234F.
| Income Tax Returns Late Filing Fee Details | ||
| Return E-Filing Date | Total Income Below5 Lakhs | Total Income Above5 Lakhs |
| On or Before 31-Aug-2018 | NIL | NIL |
| Between 01-Sep-2018 to 31-Dec-2018 | Rs.1000/- | Rs.5000/- |
| Between 01-Jan-2019 to 31-Mar-2019 | Rs.1000/- | Rs.10,000/- |
Very Important Note to VLEs: No Late Filing Fee…
Late Filing Fee shall not be applicable in case Income is below exemption limit or nil. (Exemption Limit is 2.5 Lakhs for persons below 60 years. 3 lakhs for the persons above 60 Years and Below 80 Years).
We have observed while filing most of the VLE Returns, their Income is Below 2.5 Lakhs and they have eligible TDS refund (Raging from Rs.500 to Rs. 25,000/-). In such cases all the VLEs can file Belated Income Tax Return without any Late Filing Fee and get their TDS refund.
If Income is more than the exemption limit and TDS is deducted, your late filing fee applicable can be adjusted against the TDS Deducted. Assesses can get the refund of balance TDS after adjusting Late Filing Fee.
To Conclude: We advise all the VLEs to avail this Opportunity of Filing Belated Return without Late Filing Fee and get your TDS refund. Even most of the VLEs not filed their Income Tax Returns for AY 2017-18 and lost the opportunity of getting their TDS refund.
