Indiaherald Group of Publishers P LIMITED

close save
crop image
Fri, Aug 23, 2019 | Last Updated 6:37 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
President Trump likely to hear from PM Modi about plans for human rights in Kashmir
What is the reality behind owning a home in Kashmir valley?
Do you know where Worlds most unhealthy food from is?
P Chidambaram sent to 4 Days CBI custody
Will there be connectivity between Bengaluru Airport and Suburban Rail?
A video showed man calmly walking over to SpiceJet plane and inspect it
Paytm looking to increase user engagement on the app
Who is the culprit behind sending Industrial Chemicals to KCR, KTR & others in Hyderabad?
From September 1 RBI allows e-mandates for recurring transactions
Single use plastics be banned by Indian Railways from October 2
Bharti Airtel & Vodafone Idea lost majority of customers because of Reliance Jio
Amazon gives Job for 15,000 by opening World's largest campus in Hyderabad
Karnataka received 279% more than normal rainfall
Will Priyanka Chopra be removed as Goodwill Ambassador as per Pakistan's request to UN?
Vistara benefited after closure of Jet Airways
Water released from Prakasam barrage
Paytm retained sponsorship rights for BCCI's International & domestic matches
BJP MPs Son taken to Police Station for drunken driving
Chidambaram being interrogated by CBI will be produced in Court Today
SBI planning to float an initial public offer for its credit card subsidiary, SBI Cards
Why Chandrababu Naidu asked to vacate house?
Hyderabad Police Commissioner plans for Celebration of Ganesh Chathurthi festival
Sreesanth eligible for selection in Indian cricket team from September 2020
What did Saudi Crown Prince spoke to Imran Khan about Kashmir issue?
Priyanka Gandhi speaks up in support of Chidambaram
Why Jayalalitha's Niece wants her party to merge with AIADMK?
Chidambaram's anticipatory bail to be reviewed by SC on Friday
Kerala Doctors warns people of Fungal Infections after floods
Kapil Dev announced Ravi Shastri as Head Coach of India cricket until T20
Indefinite strike from August 21 by TN Private Water Tankers Association
Zomato partnered with FarEye, fastest growing digital logistics companies
75th Birth Anniversary of Rajiv Gandhi celebrated at his Memorial today
PM Modi's visit to Bahrain will be first ever Prime Ministerial visit from India
CM YS Jagan's speech at Dallas inspires Many
Why Mike Tyson spends in Weeds every month?
Telangana Revenue Department perceived as one of the most corrupt in the state
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.