What Happen After Income Tax Return Last Date – Interest Rate
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The amount of late tax refinance (ITR) will be filled, the more the interest will be
If you are unable to file an Income Tax Return (ITR) file by the scheduled date then there is no need to panic. You just have a chance. All you have to do is adopt this easy way. But with this you have to fill the interest.
Last Date To File Income Tax Return
The Income Tax Department had kept the last date five August. But the people who did not fill it till now are on 31 March 2018. However, according to the rules, you have to pay 1.5 percent interest per year in your ITR with tax.
Expert View On Tax Return After Due Date
According to tax expert Mukesh Singh, those who did not fill the ITR till the last date of August 5 do not need to panic. He can still fill ITR. The only difference is that ITR files are filed under section 139 (1) of the Income Tax Act within the time limit.
However, after the Deadline has passed, the return will be filed under 139 (4). When you file an ITR after a fixed time, choose the correct form of ITR according to the relevant assessment year. The determination of the form is based on the source of earnings.
Income Tax Payment Form
The Income Tax Department keeps issuing new ITR forms for every assessment year. Now it is time for the end of 31 March 2018. You have to pay a certain amount of tax after the advance tax or TDS deduction, then you have to pay a penalty of one per cent per month.
Late Income Tax Penalty
If you do not owe taxes, then there will be no penalty. If you want to file an ITR without paying the fine even after missing the deadlines, then you should pay the outstanding balance of tax within the deadlines. The special thing is that you pay interest of 1.5 percent per month on the tax you pay. The more you lie down, the more interest will increase.
Income Tax Complain
So in this, you can pay your income tax easily even after last date you have forget to pay it on time. And you can also complain online regarding income tax department if you are facing any kind of difficulty.