What Happen After Income Tax Return Last Date – Interest Rate

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What Happen After Income Tax Return Last Date – Interest Rate, 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.

Standard Tax Deduction

This kind of deduction is described as straight cut deduction from your earning who make their living on salary basis and deduction based on the cost price which will be caused due to the organization. Such deduction persists previously from assessment year 2006-07.

Will Standard Deduction Effect

These deductions came into existence with replacement of medical claim and travel reimbursements. This deduction effect again but there is not much impact on personal savings if such exceptions are taken back like medical benefits and travel charges. Let’s see these data that how tax amendment will be answerability to your tax and moves in 2018-19. 

For FY 2017-18 For FY 2018-19
Case – 1 (In Rupees.)
Taxable Income  400000 400000
Standard Deduction 40000
Medical Reimbursement & Transport Allowance  34200
Net Taxable Income 365800 360000
Income Tax 5,964 5720
Savings  244
Case – 2
Taxable Income 800000 800000
Standard Deduction 40000
Medical Reimbursement & Transport Allowance  34200
Net Taxable Income 765800 760000
Income Tax 67,630 67080
Savings  550
Case – 3
Taxable Income 1200000 1200000
Standard Deduction 40000
Medical Reimbursement & Transport Allowance  34200 NA
Net Taxable Income 1165800 1160000
Income Tax 167,107 166920
Savings 187
Case – 4
Taxable Income 1600000 1600000
Standard Deduction 40000
Medical Reimbursement & Transport Allowance  34200
Net Taxable Income 1565800 1560000
Income Tax 290,707 291720
Additional Tax 1,013

Income Tax Slab Rate for Year 2018-19 for One Self:

1 Individual person who is of the age of lower than 60 years on the last day of the respective last year:

Taxable income Tax Rate
Up to Rs. 2,50,000 Nil
Rs. 2,50,000 to Rs. 5,00,000 5%
Rs. 5,00,000 to Rs. 10,00,000 20%
Above Rs. 10,00,000 30%
1.1 Person who is senior citizen, i.e., every single individual, belong to nation India, who is having age of 60 years or more but lower than 80 years in last year:
Taxable income Tax Rate
Up to Rs. 3,00,000 Nil
Rs. 3,00,000 – Rs. 5,00,000 5%
Rs. 5,00,000 – Rs. 10,00,000 20%
Above Rs. 10,00,000 30%
1.2 Person who is super senior citizen, i.e., each single individual, exist in India, who is having age of 80 years or greater than in past year:
Taxable income Tax Rate
Up to Rs. 5,00,000 Nil
Rs. 5,00,000 – Rs. 10,00,000 20%
Above Rs. 10,00,000 30%
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