Showing posts with label Budget 2017-18. Show all posts
Showing posts with label Budget 2017-18. Show all posts
Thursday, 6 July 2017
Sunday, 12 February 2017
With a view to expediting tax assessments, the revenue department proposes to make it mandatory for tax payers to file I-T returns as well as revised returns by March end of the assessment year (AY).
With a view to expediting tax assessments, the revenue department proposes to make it mandatory for tax payers to file I-T returns as well as revised returns by March end of the assessment year (AY). The department, in the memorandum to Finance Bill 2017, has also proposed a fee for the delayed filing of income tax returns. In the case of people whose total income does not exceed Rs. 5 lakh, Rs. 1,000 fee would be charged. If the income exceeds Rs. 5 lakh, a fee of Rs. 5,000 shall be payable if the return is filed after July but on or before December 31 of the Assessment Year (AY). A fee of Rs. 10,000 shall be payable if ITR is filed after December.
"In order to expedite assessments of the Department, it is critical that the returns for an assessment year also freeze by the end of the assessment year. It is hence proposed to amend the provisions of sub-section (5) of section 139 to provide that the time for the furnishing of revised return shall be available up to the end of the relevant assessment year or before the completion of an assessment, whichever is earlier," said the memorandum to the Finance Bill 2017.
This effectively means that people filing Income Tax returns have to file it with the department by March end of the assessment year i.e return for fiscal 2017-18 has to be filed by March 2019.
CBDT Chairperson Sushil Chandra told PTI: "Today we have 1 crore people below Rs. 2.5 lakh income filing tax returns. So if they are filing ITR, we want them to file returns on time. So now timely filing of ITR is mandatory." So far assesses were permitted to file delayed income tax returns one year after the completion of the assessment year.
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