Regarding 44ad and penalty for fy 2018-2019

Tax queries 199 views 8 replies

The following condition are for the Financial year 2018-2019

The last date for advance tax payment for fy 2018-2019 was 15 March 2019.

When can i pay this tax and what would be the tax penalty.

Does paying the tax under self assement between 15 March and 31 March attract any penalty. if yes how to calculate penalty

Replies (8)

You can pay it as Advance Tax even now and save yourself from paying interest under sec 234B.

However since default has been made, you are still liable to pay interest under sec 234C. 

For interest calculation, you can refer sec 234C of IT Act

Can you tell me when will 24f will be applicable on me.

 

I guess you mean Sec 234F and not sec 24F.

Sec 234F for filing returns of F.Y. 18-19, shall be applicable only if you fail to file returns before due date.

Ok so 234F considers a whole financial year and not the 15 March due date for advance tax? hope this is correct?

 

Yes, correct

Thanks for clarification

One final question when will i be able to fill ITR for fy 2018-19

you will be able to upload once the forms are out. They should be available by Mid of April
if Individual then on or before 31July 2019 after the release of relevant ITR Forms by the department.


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