Indiaherald Group of Publishers P LIMITED

close save
crop image
Mon, Aug 19, 2019 | Last Updated 8:35 pm IST

Menu &Sections


Last date for filing I-T return for 2018-19 is July 31, Have you filed?

Last date for filing I-T return for 2018-19 is July 31, Have you filed?
Last date for filing I-T return for 2018-19 is July 31, Have you filed?

Reportedly back in 1966, the Beatles sang "If you drive a car, I'll tax the street / If you try to sit, I'll tax your seat..." ("Taxman" from the album Revolver). Meanwhile it's that time of the year when the taxman's piercing gaze falls on mortals who eke out an honest living. The last date for filing I-T return for 2018-19 is July 31. Like most other years the last date may be extended. The threshold exemption limit is Rs 5 lakh. However, if you have spent Rs 2 lakh on a foreign trip or have run up electricity bills of Rs 1 crore annually then you have to file income tax return.

Last date for filing I-T return for 2018-19 is July 31, Have you filed?

Furthermore even if you miss the last date you can file your I-T return any time during 2019-20 (till March 31, 2020). But there is a hefty fine to be paid for not filing by the due date. Further if you file your I-T return by December 31 then the fine is Rs 5,000. The penalty for filing January 1 and March 31, 2020 is Rs 10,000. For those whose income is below Rs 5 lakh, the late fine is capped at Rs 1,000.

Moreover the financial slap does not stop at paying a late fee. There is more such as interest on due taxes. You will not be allowed to carry forward certain losses  capital loss or loss under income from house property to next year. Perhaps the taxman can even send you to jail if you fail to file income tax return. And if the tax due is more than Rs 25 lakh then a seven-year term in the cooler awaits you.

Last date for filing I-T return for 2018-19 is July 31, Have you filed?
5/ 5 - (1 votes)
Add To Favourite
More from author
PM Modi's visit to Bahrain will be first ever Prime Ministerial visit from India
Kerala Doctors warns people of Fungal Infections after floods
Indefinite strike from August 21 by TN Private Water Tankers Association
CM YS Jagan's speech at Dallas inspires Many
Kapil Dev announced Ravi Shastri as Head Coach of India cricket until T20
Why Mike Tyson spends in Weeds every month?
SBI planning to float an initial public offer for its credit card subsidiary, SBI Cards
Telangana Revenue Department perceived as one of the most corrupt in the state
What is the reality behind owning a home in Kashmir valley?
Karnataka received 279% more than normal rainfall
Why Chandrababu Naidu asked to vacate house?
Paytm looking to increase user engagement on the app
PM Narendra Modi gives assurance for the growth of Auto sector
Karnataka in need of more Central Aid for flood relief
Vistara benefited after closure of Jet Airways
Congress never revoked Article 370 in the greed of vote bank: Amit Shah
BJP MPs Son taken to Police Station for drunken driving
Water released from Prakasam barrage
Who will be Team India's New Coach? Interview begins
Is Kashmiris been Caged like Animals & deprived of basic human rights?
Will there be connectivity between Bengaluru Airport and Suburban Rail?
24 women and children coming out of the auto rickshaw from Telangana
Do you know challenges Left-Handers face?
This Karnataka brave boy helped Ambulance during floods
Failed ATM transaction be not considered as Valid transaction
PM Narendra Modi speech at 73rd  Independence Day Celebrations
Why Shah Faesal, Kashmir IAS Topper arrested at Delhi Airport?
Kerala CM announces compensation for family who lost Land & Home
Tamilnadu CM asks people to put Rain Water Harvest to save water
Clash between Edappadi & P. Chidambaram
Vir Chakra Award for Abhinandhan Varthaman on Independence Day
AP & Telangana Freedom Fighters you should know
88 people dead in Kerala, 54 died in Karnataka, 49 in Maharashtra and 31 in Gujarat in floods
Chandrayaan-2 spacecraft expected to reach moon's orbit on August 20
Why Rupee becomes Asia's worst performer?
Why Rupee becomes Asia's worst performer?
About the author

Bharath has been the knowledge focal point for the world, As Darvin evolution formula End is the Start ... Bharath again will be the Knowledge Focal Point to the whole world. Want to hold the lamp and shine light on the path of greatness for our country Bharath.