Due date for Filing Income Tax Return & Consequences of not filing IT Return within Due Date
The Income Tax Depart Act has prescribed various due dates for filing of Income Tax Return by different class of assessees. Section 139 of Income Tax Act, 1961 provides for following different due dates for different class of assesses:
Belated filing of Income Tax Return & consequence of not filing IT return within the due date :
Belated Filing :
If the return is not filed within due date same can still be filed within the end of Assessment year, i.e March 31st of the year following the financial year. For example if Return pertain to Financial year 2017-18, the assessment year is 2018-19, and if the return is not filed within due of July 31st or Sep 30th of 2018, belated return can still be submitted by March 31st 2019.
Consequences of not filing IT return within the due date :
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