10 Mar Income Tax Return for year 2017-18
As we are approaching year-end, we need to gear up ourselves and be ready to file our return of income for the year 2017-18 on or before the due date as per Income Tax Act, 1961. In case if not filed, we shall be ready to shell out fees as provided under section 234F of the Income Tax Act, 1961 (introduced by Finance Act-2017). The fees applicable are as follows:-
- ₹ 5000- If the return is furnished on or before 31st December 2018.
- ₹ 10,000- In other cases.
However, if the total income of the person does not exceed ₹ 5 Lac, the fees payable shall not exceed ₹ 1,000.
Following persons are required to file the return of Income:
- Companies/ Firms assesses– Shall always file the return.
- Other assesses– Return shall be filed if Total Income exceeds the basic exemption limit, i.e. ₹ 2,50,000.
- Resident other than a non-ordinarily resident in India shall file a return if during the previous year holds, as a beneficial owner or otherwise, any asset located outside India or has a signing authority outside in any account located outside India or is a beneficiary of any asset located outside India.
Meaning of Total Income– Total income is an aggregate of income under 5 heads of income and computed as per the provisions of Income Tax, 1961 as reduced by the amount of deduction available under Chapter VI A (Section 80C, 80CCD, 80D etc) of Income Tax Act, 1961.
Meaning of Beneficial Owner-Person who is not a registered owner yet enjoys all the rights of the registered owner.
Meaning of Due date– In case of companies/ firms, the due date is 30th September 2018 and in case of Individuals, the due date is 31st July 2018.
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