Yes, you heard it right. This is a warning bell if you are over with the Budget 2018 updates. It's time to check whether your income tax return is filed or not.
31st March' 2018: The last date for Income Tax return u/s 139(4) for Financial Year 2015-2016 & 2016-2017.
So, this will be last chance to file the Income Tax return else you have to face the consequences for non-filing of the income tax return.
Position before Finance Act' 2016:
As per section 139(4):
Any person who has not furnished a return within the time allowed to him under sub-section (1), or within the time allowed under a notice issued under sub-section (1) of section 142, may furnish the return for any previous year at any time before the expiry of one year from the end of the relevant assessment year or before the completion of the assessment, whichever is earlier.
Analysis:
This means the maximum time available for filing of the Income Tax Return was one year from the end of the relevant assessment year.
E.g: Income Tax Return filing for the Financial Year 2015-16 can be furnished within one year from the end of the relevant assessment year. Relevant assessment year for the Financial Year 2015-16 is 2016-17. One year from the end of relevant A.Y is 2017-18.
Thus, the maximum time period to file the Income Tax Return is 31st March' 2018 for the Financial Year 2015-16.
Position after Finance Act' 2016:
Amended Section 139(4) by the 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.
Analysis:
To expedite assessments of the Department, the returns for an assessment year also freeze by the end of the assessment year. Now, the maximum time available for filing the income tax return is the end of the relevant assessment year.
E.g: Income Tax Return for the Financial Year 2016-17 can be furnished by the end of the relevant assessment year. The relevant assessment year for the Financial Year 2016-17 is 2017-18.
Thus, the maximum time to file the Income Tax Return is 31st March'2018 for the Financial Year 2016-17.
The TIME BOMB of 31st March'2018 is approaching. Hence, get the Income Tax Return filed for the Financial Year 2015-16 and 2016-17 to avoid any adverse consequences of non-filing of the income tax return.
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