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ITR filing: No penalty if you file by midnight today and revise later if needed

According to current income tax laws, there is no fees or penalty for revising your income tax return within the prescribed time limits.

, ET Online|
Aug 31, 2018, 04.16 PM IST
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Late ITR filers with gross total income below taxable limit won't be liable to pay penalty.
Worried that there could be mistakes in the income tax return (ITR) you hurriedly filed today to avoid paying penalty? Don't worry so much. If you file your ITR by midnight today you won't have to pay a late filing penalty and you have the option of revising the ITR later in case you realise that you made an error. However, remember revising your return has certain implications and risks.

"There is no late filing fees for revising your income tax return within the prescribed time limits," says practising chartered accountant Sachin Vasudeva. However, the original ITR needs to be filed before the deadline which is today for all of India except assessees in Kerala.

Today is the deadline for filing ITR for all individual tax payers for whom the normal deadline is July 31 every year. This category of tax payers is that whose accounts are not liable for audit. This July 31 deadline was extended by the government to August 31. It has been further extended to September 15, 2018 only for tax payers resident in Kerala due to the floods there.

The late fees that would be payable for filing ITR for FY2017-18(originally due on July 31, 2018) after August 31, 2018 would be as follows:
  • Rs 5000 for returns filed after August 31 but before midnight December 31, 2018.
  • Rs 10,000 for returns filed after December 31, 2018 up to March 31, 2019.
"Remember, the normal deadline for filing a belated ITR and revised returns for FY2017-18 is March 31, 2019", says practising chartered accountant Sachin Vasudeva.

However, if your income is up to Rs 5 lakh the penalty for filing ITR after deadline would be limited to Rs 1000.

Late ITR filers with gross total income below taxable limit won't be liable to pay penalty.

Also Read: No penalty if income is below this much

Once you file your ITR you would have to verify it. You can file a revised ITR, if needed, only after that.

Also Read: How to file a revise return

However, it is to be noted that it is better to file an error-free ITR the first time itself as sometimes revising of ITR can attract the IT department's attention i.e. your return could get picked up for scrutiny or you may get a notice asking for further information. Even so, sources in the chartered accountants say that this is more likely to happen in cases where there is wide variation between your original and revised return or revision in ITR leads to large refund claims i.e. a lower income is declared. Therefore, if you intend to file a revised return be prepared to face I-T queries.

Also Read

ITR filing: 5 key changes in ITR-1 you need to know

E-ITR forms updated post the extension of deadline to file ITR

ITR filing: Prefilled ITRs now available for all individuals

Glitches in ITR processing lead to bloated tax liability on capital gains

ITR filing last-minute checklist

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