Last day to file ITR or income tax returns is today, do not expect extension in deadline

An amount of Rs. 58,783 crore has already been received as advance tax up to June 30 reflecting a growth of 11.9 percent over the advance tax payments of the corresponding period of last year. The department has received over 2 crore returns filed electronically.

By: Express Web Desk | New Delhi | Updated: July 31, 2017 10:27 am
income tax returns, income tax filing, income tax returns last date, it returns last date, how to file income tax, india news, Indian Express India news, business, India news Today is the last day to file Income Tax Returns or ITR. (File)

The last day to file the Income Tax Returns (ITR) for financial year 2016-17 and assessment year 2017-18 is today, though the government has not put any penalties, failing to do it might lead to financial losses. The Income Tax department has already made it clear that there will be no extension in the deadline. The penalties proposed by the government for people missing the deadline doesn’t apply till next year.

The filing of ITR has become more important than ever, especially if one has made cash transactions of Rs 2 lakh or more post demonetisation, from November 9 to December 30, 2016. It has been made mandatory to report such transactions for financial year (FY) 2016-17. Linking of Aadhar number with Permanent Account Number (PAN) has also been made compulsory for the taxpayers.

People will have to pay penal interest of 1 per cent per month from the due date of return filing till the actual day of filing if they file their ITR after the due date with unpaid tax liability. This penalty can be accompanied by prosecution by the IT department if the return is filed later than the assessment year and if it exceeds Rs 3,000.

People are advised to provide details of all of their bank accounts while filing the ITR, ensure their income matches with Forms 16 and 16A and also link their bank accounts with Aadhar for easy e-verification of  their returns before they file their taxes.

According to an earlier release issued by the Income Tax Department, an amount of Rs 58,783 crore has already been received as advance tax up to June 30 reflecting a growth of 11.9 per cent over the advance tax payments of the corresponding period of last year. Meanwhile, the growth under Personal Income Tax (PIT) including Securities Transaction Tax (STT) was 12.9 per cent. The department also conveyed that it had received over 2 crore returns filed electronically.

 

For all the latest Business News, download Indian Express App

  1. R
    Rakesh Gupta
    Jul 31, 2017 at 3:30 pm
    You are common man (bondage labour) and will not be allowed more time for filing of income tax return. You will have to pay interest/penalty for late filing of Income Tax Return. If Income Tax Server is not working date will be extended and there will be no penalty on any Government Official. No Accountability at All. Unfortunately an election loser is our finance minister, who sits in air conditioned room/car and don't know the problems faced by common tax payer / tax professionals. Income Tax site is used by few persons and it is not working what will happen with GST site, when all of its functions gets operational.
    Reply
    1. M
      Mohan
      Jul 31, 2017 at 2:14 pm
      is not opening. I am trying since morning. No luck!!!
      Reply
      1. R
        ravi
        Jul 31, 2017 at 3:40 pm
        this is how the so called people work
        Reply
      2. J
        Jijesh
        Jul 31, 2017 at 12:47 pm
        s: incometaxindiaefiling.gov / is not opening to file the returns.
        Reply
        1. S
          Sudhansu
          Jul 31, 2017 at 12:21 pm
          The is not functioning properly, can the government look into it. Easy to rule out extensions but harder to ensure proper infrastructure (despite India having a large IT industry)
          Reply
          1. H
            honey
            Jul 31, 2017 at 11:51 am
            wesbite s: incometaxindiaefiling.gov /e-Filing is not geeting open, how to file ITR
            Reply
            1. A
              Amit
              Jul 31, 2017 at 2:29 pm
              You can late file
              Reply
            2. M
              Mahender Singh
              Jul 31, 2017 at 11:36 am
              Thanks but no use, s: incometaxindiaefiling.gov is not working, their server is too busy.
              Reply
              1. Load More Comments