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FAQ

Why did the Income Tax Department shift the due date to file income tax returns to the 31st of August 2018?
The return filing time which was initially given by the govt was 4 months from the end of the financial year 2021 18 i.e. Till 31st july. But the forms were released late and which got updated till first week of july and thus the time was very less. Moreover the tds submission date was till 31st may so the form 16 or 16a also came late and due to which time was again less. Over and above this the due date of gst returns and q1 tds returns also fall on 31st july.So looking into all this they extended the due date
How can I file an income tax return for AY 16-17 and 17-18 after the due date on the 31st of March 2018?
Please make an application based on the extent of your refund claim/claim for carry forward of loss as per belowAuthority for accepting/rejecting applicationsWhere the claims do not exceed Rs 10lakhs - The Principal Commissioners of Income tax/ Commissioners of Income tax (Pr.CsIT/CsIT)Where the claims are more than Rs 10lakhs but do not exceed Rs 50lakhs - The Principal Chief Commissioners of tax/Chief Commissioners of Income tax (Pr.CsIT/CsIT)Where the claims exceed Rs 50lakhs - CBDTIf there is any claim for refund or an application is made for allowing loss it cannot be condoned (or pardoned) after 6 years from the end of the assessment year for which such application/claim is made. This time limit of 6 years is applicable to all the 3 authorities listed above.Any of the above listed authority has the power to direct the jurisdictional assessing officer to scrutinize the case to ensure correctness of claim. The authority shall satisfy itself that the claim is correct and there has been a genuine hardship due to which it was not filed timely.Any additional or supplementary claims are allowed for condonation where besides the above conditions the following are also met –The income of the assessee is not assessable in the hands of any other person under any of the provisions of the Act.No interest is paid on belated claims of refundThe refund has arisen due to excess TDS and/or excess advance tax payment and/or excess payment of self-assessment tax
What is the due date of the advanced tax for the financial year 2018–2019?
What is Advance Tax?Advance Income Tax means to pay your yearly income tax liability in installments. It reduces the excess burden of assessee’s at the end financial year. It is obligatory to pay advance tax in every case where the advance tax payable is Rs.10,000 or more in any financial year. Advance tax should be paid in the year in which the income is received.Liability-Under this scheme, you have to pay Advance Income Tax if you have additional income in the form of Interest, Income from House Property, Income from capital gains, Income from business or profession (including winning from horse races, lotteries, cross word puzzles etc), income earned abroad etc.The due date for payment of advance tax for both individual and corporate assessee’s are as under-For any assessee, other than those who have opted Presumptive Taxation Scheme covered u/s 44AD & 44ADADue Date for any previous yearFor any assessee (other than covered u/s 44AD & 44ADA )On or before 15th JuneUp to 15% of advance tax payableOn or before 15th SeptemberUp to 45% of advance tax payableOn or before 15th DecemberUp to 75% of advance tax payableOn or before 15th MarchUp to 100% of advance tax payableFor assessee who have opted for Presumptive Taxation Scheme covered u/s 44AD & u/s 44ADA can deposit their tax liability in one installment as below-Due Date for any previous yearAn Assessee covered u/s 44AD & 44ADAOn or before 15the March100% of advance taxShould keep in mind the following points-Any payment of advance tax made on or before March 31 shall also be treated as advance tax paid during financial year.Deduction under Chapter VIA is allowable while computing liability of advance tax.TDS is to be reduced from total tax liability of assessee and then specified percentage be calculated for advance tax.Advance tax is also applicable on both Non-Resident Indian (NRI) and a Non Resident if they have any income accrue during the year in India.If the last day for payment of any installment of advance tax is a day on which the receiving bank is closed, the assessee can make the payment on the next immediately following working day, and in such cases, the mandatory interest leviable under sections 234B and 234C would not be charged.Exception for depositing Advance Tax-Resident individuals who are over 60 years of age and do not have income chargeable under the head ‘Profits and Gains of Business or Profession‡ are not required to pay advance tax.For Individuals with salary as sole source of income, advance tax would be taken care by the TDS deducted by the employer at the time of payment of salaries as reflected in Form 16 and thus there would hardly be any advance tax payable.Mode of Payment- Advance Tax to be paid on Challan No. /ITNS 280 by selecting 100 in type of payment. It can be deposited either through cash, cheque, and electronic mode (Debit Card/Credit Card) at all branches of banks, which are empaneled with the Income Tax Department. An assessee can also pay advance tax through online banking etc.For Example- How to Compute Advance Tax Liability for the Financial year 2017-18Answer: The Computation of Tax Liability on imaginary figures is as under:ParticularsAmountIncome from salary 2,40,000Income from house property (Net out of Repair & Maintenance) 4,20,000Profits and gains of business or profession 1,35,000Income from other sources 105,000Gross Total Income 9,00,000Less :Deductions under Chapter VI-A 1,40,000Total Taxable Income 7,60,000Tax on total income at applicable rates 64,500Less : rebate under section 87-A –Tax Liability After Rebate 64,500Add: Surcharge –Tax Liability After Surcharge 64,500Add: Education cess @ 3% 1,935Tax liability for the year 66,435Less: TDS 6,435Tax payable 60,000Advance Tax at specified rates to be deposited as below –On or before 15th Jun. Up to 15% of 60,000= 9,000On or before 15th Sept. Up to 45% of 60,000= 27,000On or before 15th Dec. Up to 75% of 60,000= 45,000On or before 15th Mar. 100% = 60,000Interest on late payment of Advance Tax?Interest u/s 234C‡ Interest @ 1% p.m. for a period of 3 months, will be payable for every deferment, except for the last installment of 15th March where it will be 1% for one month is payable if the tax is not paid as per the due dates i.e. for Deferment in Installments of Advance Tax.Interest u/s 234B‡ Interest @ 1% p.m. from 1st day of assessment year up to date of deposit tax & interest is payable if 90% of the assessed tax is not paid or is short paid before the end of the financial year i.e. for Default in Payment of Advance Tax.Calculation on the basis of above example, Interest is calculated as under-Interest under section 234C-ParticularsParticulars : Advance Tax due : Advance Tax paid : Shortfall Intt. u/s 234CUp to 15th Jun 9,000 : 5,000 : 4,000 : 120Up to 15th Sep. 27,000 15,000 12,000 360Up to 15th Dec. 45,000: 25,000 :20,000 : 600Up to 15th Mar. 60,000: 35,000: 25,000: 250Total Interest under section 234C is Rs. 1,330/-Interest under section 234B-Consider the above example: Iinterest under section 234B for failure to pay 90% of the assessed tax before 31st March. As the above shortfall has paid? 25,000 on 15th July, interest under section 234B @ 1% per month will be levied for 4 months (i.e. April to July).Interest under section 234B will be? 1,000/- i.e. (25,000 x 1% x 4).Total interest payable under section 234B & 234C is Rs.? 2,330 (1,330+1,000).
What was the due date to avoid Section 234F in the case of tax audit for AY 2018-19?
The due date to avoid Section 234F in the case of tax audit for AY 2018-19?The original Due Date for filing of Return for the above case was September 30, 2021. BUT Due date further extended to 31/10/2021 vide notification no. F.NO.225/358/2018/ITA.II DT. 08.10.2018
If the services was provided during the FY 2017-18, but the invoice was raised during the FY 2018-19, in this case, what will be the due date for claiming the input tax credit on GST?
How do I file ITR for AY 2015-16 in Mar 2021? I tried filing it on income tax site, but it says due date passed.
Can I pay the due income tax after the 31st of March?
Assumption before answering this‡ Assesse is an Indian resident‡ 31st March 2018‡ Taxes are for A/Y 2018–19 or F/Y 2017–18In case your tax liability Comes under the per view of Advance Tax & less than 90% of total tax liability is deposited then you would attract interest for late payment of Income Tax u/s 234B 234C at 1% per month.In other cases you could get it paid before due date of filling Income Tax Return i.e. generally 31st July.(If in case my answer have helped you pls upvote)
Is it true that if you owe taxes to the IRS but you don't have money to pay before April 15 then you can file the extension?
An extension extends the time to file your tax return, it does not allow an extension of time to pay any taxes owed. You do not have to pay the tax owed, but after the due date, you will start to accrue late payment interest on what you ultimately owe in tax. The rate of interest also starts to increase after the original due date of the return.
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