Compulsory Late filing fees on Income Tax Returns-Read to understand if this applies to you

Did you know you cannot file your return beyond 31st July 2018? Well, yes, not surely without late filing fees!


Here are some frequently asked questions on ITR filing this year!


1. I have received salary income and interest on FDRs? Should I file my ITR?
–> Yes, you must file your ITR on or before 31st July 2018, if your total income exceeds Rs. 2.50 Lakh in year 2017-18. Know more about Tax Slabs for FY 2017-18 here.


2. I have a business, but I am not under audit. Should I still file my ITR?


–> Yes, if you are not under audit, you should file your ITR before this date. If you are covered under audit, your due date of filing is 30th September 2018.


3. I am a director of a private limited company, which is covered under tax audit. As director, when should I file my return?
–> Well, if you draw salary from private limited company as a director, you must file return before 31st July. However, due date of company return filing is 30th September 2018.


4. I am a designated partner in an LLP. I have not drawn any remuneration from LLP. Whether I am under any obligation to file an ITR?
–> If your total income does not exceed Rs. 2.50 Lakh in FY 2017-18, you need not file your ITR. However, it is in your interest that you should still file your ITR, which has many benefits such as easy bank loans, valid proof of income, faster visa processing etc.


5. What if I file my ITR after the due date?
–> Among other consequences, below are major ones –
  • Pay Late fees – You will be liable for a compulsory late fees. Visit here to understand how much amount you should pay as late fees.
  • No losses carry forward – You cannot carry forward losses, if any, to the next year. This results in higher tax in subsequent year.
  • Late refunds – If you are eligible for refunds, your refunds may be released late than usual.
  • No Revision of Return – Return filed late, cannot be revised then.


6. As a salaried individual, what documents do you need to file my ITR?
–> We need scan copies of PAN, Aadhar, email ID, contact number and form 16. If you don’t have form 16, you need not worry. You can share the amount of salary you have received and the same will be appropriately disclosed in your Income tax return.


7. Do I need to submit any original documents to you for filing?
–> No, you only need to provide us scan copies. You may retain your original documents with you.


8. How can I reach you to file my ITR?
–> You can call us on 9643203209 or email on and our compliance manager will get in touch with you to smoothly file your ITR.


9. What are your charges for ITR Filing?
–> Well, if you only have salary income, your return will be filed for INR 599/- only!!! Yes, you got it right! You can buy this plan here. If you are a businessman, and not covered under audit, you should buy a plan of Rs. 1499/- here.


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Get in touch for free consultation on or call 9643203209.

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