Last Date of Revising ITR or Filing Belated Return for FY 2017-18 or AY 2018-19

Last Date of Revising ITR or Filing Belated Return for FY 2017-18 or AY 2018-19

Section 139(4) of Income Tax Act 1961 has been presented herewith for your kind reference [Amended by Finance Act 2016]:

Any person who has not furnished a return within the time allowed to him under sub-section (1), may furnish the return for any previous year at any time before the end of the relevant assessment year or before the completion of the assessment, whichever is earlier.

Section 139(5) of Income Tax Act 1961 has been presented herewith for your kind reference [Amended by Finance Act 2017] :

If any person, having furnished a return under sub-section (1) or sub-section (4), discovers any omission or any wrong statement therein, he may furnish a revised return at any time before the end of the relevant assessment year or before the completion of the assessment, whichever is earlier.

Section 234F of Income Tax Act 1961 has been presented herewith for your kind reference [Introduced by Finance Act 2017] :

234F.(1) Without prejudice to the provisions of this Act, where a person required to furnish a return of income undersection 139, fails to do so within the time prescribed in sub-section (1) of the said section, he shall pay, by way of fee, a sum of,

(a) five thousand rupees, if the return is furnished on or before the 31st day of December of the assessment year;

(b) ten thousand rupees in any other case:

Providedthat if the total income of the person does not exceed five lakh rupees, the fee payable under this section shall not exceed one thousand rupees.

(2) The provisions of this section shall apply in respect of return of income required to be furnished for the assessment year commencing on or after the 1st day of April, 2018.

Last Date of Revising ITR or Filing Belated Return for FY 2017-18 or AY 2018-19

Conclusion

Belated Return : As per Section 139(4) of Income Tax Act it is very much clear that the Last date for filing ITR for Financial Year 2017-18 or Assessment Year 2018-19 is 31st March 2019 or completion of assessment whichever is earlier

Penalty : Also since the ITR is beling filed after due date Late fee of Rs. 5000 or 10000 as the case may be will be charged while filing ITR for year ended 31st march 2018 (Financial Year : 2017-18 or Assessment Year : 2018-19) Under Section 234F

Revised Return : As per Section 139(5) of Income Tax Act it can be inferred that the Last date for revising ITR for Financial Year 2017-18 or Assessment Year 2018-19 is 31st March 2019or completion of assessment whichever is earlier

Disclaimer: The entire contents of this document have been prepared on the basis of relevant provisions and as per the information existing at the time of the preparation. Although care has been taken to ensure the accuracy, completeness and reliability of the information provided, I assume no responsibility therefore. Users of this information are expected to refer to the relevant existing provisions of applicable Laws. The user of the information agrees that the information is not a professional advice and is subject to change without notice. I assume no responsibility for the consequences of use of such information.In no event shall I shall be liable for any direct, indirect, special or incidental damage resulting from, arising out of or in connection with the use of the information.

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