Filing Income Tax Returns in the Year

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Filing Income Tax Returns in the Year 2018
Filing income tax returns no longer involves pen
and paper and a calculator. So you may have to
change old jokes describing your duties to
society at the next friendly get together.
It is mandatory for each resident Indian to
e-file her taxes if she earns more than Rupees
2.5 lakh in a year. This rule is set in stone
following a literal reading of Section 139 of the
IT Act, 1961. Is there any chance of a leeway in
terms of declaration of levies paid to the
government? Not for the financial year 2017-18.
Finance Minister Arun Jaitley had already
announced earlier in the year that those unable
to file their taxes by the due date would face
stiff fines and penalties. This threat has now
been given teeth by the insertion of Section 234F
to the existing statute that stipulates a
penalty of Rupees 5000 on those declaring their
taxes after the 31st of July (or any other due
date as specified by the authorities) but on or
before the 31st of December, 2018.
This toll could go up to Rupees 10,000 in case
you do your returns after this date. There is the
small consolation that your burden would not
increase by Rupees 1000 if you earn less than 5
lakh in a year.
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Apart from fees and fines you will also be
charged interest on arrears starting from the
date the window closed to the date the
government receives your statement online.

• The message is simple Do not fail to declare
  your annual statements and do it online. Because
  its
• fast, easy and secure and charges next to nothing
  if you are an ordinary assessee.
• There are, of course, several advantages to doing
  your filings on time.
• Firstly, you become eligible for early refunds on
  excess payments to the government.
• Secondly, you contribute to keeping CA assistance
  costs low by distributing demand along the full
  range of the allotted time for declaration.
• You get a fuller chance to rectify mistakes in
  your declaration. You do not get charged
  interest for such failures.
• This information is provided to you in the public
  interest courtesy of AllIndiaITR, a product of
  Corwhite Solutions Private Limited.