Earlier, the law was like this...
Earlier, i.e. till Financial Year 2015-16, the taxpayer was allowed to file the Income-tax returns upto one year from the end of relevant assessment year. This means that for Financial Year 2015-16, the Income-tax return was allowed to be filed upto 31st March 2018.
Because of this, the returns were not filed on time and people had ample time to plan out the transactions and evade tax.
1. How to check my Income-tax return status click here.
2. Start filing your Income-tax return with myITreturn website or the mobile app.
What has changed?
Now the law has changed. The Finance Act, 2017 has made an amendment in section 139(4) of the Income-tax Act, 1961. From Financial Year 2016-17, the taxpayer will be allowed to file the Income-tax returns upto the end of relevant assessment year. This means that for Financial Year 2016-17, the Income-tax return will be allowed to be filed upto 31st March 2018 (whereas as per earlier law it was allowed upto 31st March 2019).
Thus, 31st March 2018 will be the last date to file the Income-tax returns for Financial Year 2015-16 (Assessment Year 2016-17) and Financial Year 2016-17 (Assessment Year 2017-18).
What if I do not file?
If the returns for the said years are not filed on or before 31st March 2018, then the department may issue notices to the defaulters asking them to file the returns. Penalty can also be levied on them. To avoid such a situation, the returns for Financial Year 2015-16 and 2016-17 should be filed before 31st March 2018.
If you have not yet filed the return, please do it before 31st March 2018 to avoid last minute rush and pressure. You can quickly file your return in 15 minutes or less using myITreturn.com.
3 useful guides for you:
- A step wise guide can be accessed by clicking here.
- If you are a Salaried taxpayer, upload your Form 16 and file your return. A guide on how to upload form 16 and file is available here.
- After filing the return, there is no need to send the acknowledgement to CPC, Bangalore if you e-verify the same. To know how to e-verify, click here.
Even if you have already filed the Income-tax returns for the said years, do pass on this message to everyone.