Changes Done Through Budget In INCOME TAX Return Filing In INDIA

03 Feb Changes Done Through Budget In INCOME TAX Return Filing In INDIA

Indian Government has a view that citizens should file their Income Tax Returns on or before due date, to make this a reality government has changed many sections and provisions related to Income Tax, to name a few- introducing penalty of late filing, reducing time to file belated returns, abolishing some deductions/benefits in case return is filed late. Major Points are discussed below:

A) Changes Already Done for FY 2016-17 and FY 2017-18

1. Change in Date to File Income Tax Return.
2. Penalty For Non Filing Income tax Return.

B) Changes Proposed in FY 2018-19 Budget

1. Deductions under Section C of chapter VI A can’t be allowed if return not filed within Due Date.
2. Higher Penalty for default in furnishing AIR ( Section 271FA).

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