Due Date for Filling Income Tax Return for year ending 31st March 2017 i.e. FY 2016-17 or AY 2017-18 is 31st July 2017 without any fine or penalty for Individual/HUF/Firm/LLP not required to be audited under the Income Tax Act and for person under Audit due date of filling Income Tax Return & Tax Audit report is 30th September 2017. Few benefits of filling Income Tax return before due date is
- Person can revise the ITR anytime before the end of assessment year
- No Late filling penalty, Penalty for AY 2018-19 has been increased to Rs 5000 & Rs 10000 if return is filed after due date upto 31st Dec 2018.
- No Penal Interest on tax due
- Carry forward of Loss to next year for Set off
- Peace of mind, Biggest thing in this world
But Important question is who is required to file Income Tax Return, Every person includes Individual, HUF, Partnership firm, AOP, BOI, Trust, Company having total Income exceeds the maximum amount chargeable to Income tax.i.e. for FY 2016-17 (1.04.2016 to 31.03.2017) or Person earning more than exemption limit has to file the Income tax return
| S.No | Particulars | Exemption Limit or Income Limit |
| 1 | Individual age less than 60 years | Rs 2,50,000/- |
| 2 | Individual age more than 60 years but less than 80 years : Senior Citizens | Rs 3,00,000/- |
| 3 | Individual age more than 80 years i.e. super senior citizens | Rs 5,00,000/- |
| 4 | All Other Persons | Any Income or Loss |
Also there is rebate from Income tax under section 87A of Rs 5000/-for individual having income less than Rs 5,00,000/- maximum rebate under section 87A will be amount of Income tax or Rs 5000/- whichever is less. So practically person earning Rs 300000/- no tax is payable and Senior citizen having Income of Rs 350000/- no Income tax is payable. Person having turnover of Rs 2 Crore or showing Net Profit less than 8% of Turnover is required to file tax audit report & ITR before 30th September.
Income Tax Important Dates for F.Y. 2016-17 and A.Y. 2017-18
- Income tax is a direct tax which is directly attributable on the income of the tax payer.
- Income which is generated from various head of income.
- Assessee have to pay income tax if his total income after allowing chapter VI-A deduction is more than the taxable income limit.
- There are different category of taxpayer viz. Individual, HUF, Firm, LLP, Co., Trust, AOP & BOI.
- Due date is different according to S. 139(1).
- Penalty for late filling of Tax
| Audit Cases | Non-audit Cases |
| Due date of filing the Income Tax Return by Assesse is 30st September, 2017. | Due date of filing the Income Tax Return by Assesse whose Books of Account are not required to be audited is 31st July, 2017. |
Advance Taxes of Income Tax Important Dates for F.Y. 2016-17 and A.Y. 2017-18
- If the tax liability is more than Rs 10,000 in a financial year then advance tax needs to be paid by assessee.
| 15th June | 15% |
| 15th Sept. | 45% |
| 15th Dec. | 75% |
| 15th Mar. | 100% |