The remaining date to record income tax return (ITR) varies for one-of-a-kind classes of taxpayers. For individuals, Hindu Undivided Families (HUF), and those taxpayers whose accounts are not required to be audited, the last date of filing ITR for the economic yr (FY) 2018-19 is July 31, 2019. For all people/assessees whose debts are not required to be audited (people, HUFs, Association of Persons, Body of Individuals, and so forth.), the closing date is July 31. But for those whose accounts are required to be audited, such as an enterprise, a person, or other entities like proprietorship, a working associate of a firm, and so on, the closing date to report ITR is September 30. Also, the closing date for an assessee required to provide documents beneath phase 92E is November 30. Section 92E is submitted while a taxpayer has undertaken worldwide transactions for the duration of the applicable financial yr.
For people, even in case you miss the ITR filing closing date of July 31, 2019, you may still record your go back. It might be termed as belated ITR. The last date to file belated ITR for FY 2018-19 is March 31, 2020. If you leave out this deadline as well, then you may no longer be able to file ITR unless you acquire notice from the tax branch to accomplish that. Though you have the option to record belated ITR till March 31, you should avoid it due to the fact past due filing expenses will be levied for ITR filed after July 31. If ITR is filed between July 31 and on or before December 31, the overdue submitting charge is Rs 5000. Penalty for any filings made after December thirty-first will amount to Rs 10,000. For small taxpayers whose general income does now not exceed Rs 5 lakh, the most overdue fee quantity will no longer exceed Rs 1,000 irrespective of whilst it’s miles filed, i.E., before March 31.
However, there is no penalty for a character whose gross general earnings no longer exceed the simple exemption restriction. The basic Exemption restriction for a person below 60 years is Rs 2 50,000 and Rs three 00,000 for a man or woman between 60 and eighty years. For the ones above eighty years, the boundaries are Rs 5,00,000. If a resident individual has income from the foreign property and files belated ITR, then past due submitting price may be levied even though gross overall profits do not exceed the tax exemption limit.
In a paper posted this month, Indian-born, US-based economist, now college of the Centre for International Development at Harvard, Arvind Subramanian drops a bombshell – properly, for those who care approximately like measuring boom and making coverage. Based on various metrics, he says India did not grow at the heroic 7% in keeping with a year between 2011-12 and 2016-17, as we were formally informed. Indeed, the average annual increase crawled at a measly four.Five% in step with year, on average, during these 5 years. His paper must be taken critically. After all, as a chief financial guide to the authorities between 2014 and 2018, he becomes very a lot an insider at Delhi’s North Block, domestic of the ministry of finance.