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An INCOME TAX RETURN is the tax form or forms used to file income tax with the Income Tax Department. The tax returns usually in a predefined worksheet format where the income figures used to calculate the tax liability are written into the documents themselves.

The due date for filing of Income Tax Returns for Assessment Year 2018-19 is 31.07.2018 for certain categories of taxpayers. Upon consideration of the matter, the Central Board of Direct Taxes (CBDT) extends the ‘due date' for filing of Income Tax Returns from 31st July, 2018 to 31st August, 2018 in respect of the said categories of taxpayers.

Central Board of Direct Taxes (CBDT) hereby further extends the 'Due Date' for furnishing Income Tax Returns from 31st August, 2018 to 15th September, 2018 for all Income Tax assessees in the State of Kerala, who were liable to file their Income Tax Returns by 31st August, 2018.


  • 31st July 2018 for Individuals (Audit is not required)
  • 30th September, 2018 for Businesses (Audit is Mandatory)



If you don't file your Income Tax Return on time when you have an outstanding tax liability, the I-T department can penalise you by charging interest under section 234A.

The following points must be kept in mind while calculating interest:

  • Interest is charged @ 1% on the outstanding tax amount.
  • Interest will be payable from the 1st day after the due date of filing the return till the date of actual filing of the return.
  • The nature of the interest is simple interest.
  • Any fraction of a month shall be considered as a full month for calculating interest.
  • When calculating interest, the amount of taxes due shall be rounded off to the multiple of 100 and ignore any fraction of 100.

Penalty on Late Filing of ITR

Starting from April 1, if you file your ITR post the deadline of July 31, 2018 (unless the tax department extends it), you will be liable to pay a maximum penalty of Rs.10,000.

W.e.f. assessment year 2018-19, if assessee failed to furnish return of income within due date as prescribed under section 139(1) then as per section 234F, he will be required to penalty of:

  • Rs. 5000 if return is furnished on or before 31 December of assessment year.
  • Rs. 10,000 in any other case.
  • Total income of the person does not exceeds Rs. 5 lakh then Rs. 1000. 


Filing Date Total Income Below Rs. 5,00,000/- Total Income Above Rs 5,00,000/-
Up to 31st August,  2018 NIL NIL
Up to 31st December, 2018 Rs 1,000 Rs 5,000
Up to 31st March, 2019 Rs 1,000 Rs 10,000

Delayed Refunds

In case you're entitled to receiving a refund from the government for excess taxes paid, you must file your return before the due date to receive the refund at the earliest. So, in case an individual is awaiting a tax refund, late filing of ITR will result in them having to wait even longer for the transfer of refund.

Belated Return

The process of filing a belated return is the same as filing the original return on or before the due date i.e 31st July, 2018 (31st, August, 2018). The main difference would be that while filling the ITR form, you would have to select "Return filed under section 139(4)" in the drop-down menu in the relevant box in the form.

For the current assessment year, a belated return can be filed any time before 31st March 2019, if the assessee fails to file his return on or before 31st August 2018.

Carried forward of Losses:

According to the Income Tax Act, losses under 'house property' can be carried forward even if the return is not filed on time. However, losses under other heads of income, such as business and share trading, can be carried forward only if the return is filed by the due date.

The author can also be reached at 


Published by

CS Karan B Khattri
(Practicing Company Secretary and Advocate)
Category Income Tax   Report

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