Manual Filing Procedures for Income Tax Return of AY 2017-18 Post 31st March 2018

The Indian Income Tax Act 1961 stipulates that income tax returns for the Financial Year (FY) 2017-18 (AY 2017-18) were required to be filed by March 31, 2018, whether manually or electronically. Filing after this date, even if accompanied by penalties or late fees, is not possible. However, the scenario changes if you receive a notice or order from the Income Tax Department (ITD), prompting you to file your return for AY 2017-18 under the retrospective filing procedures.

Manual Filing Under Section 148

According to the Income Tax Act, if the Income Tax Officer (IT Officer) finds that your assessed income has been understated or escaped assessment, they have the authority to call for a manual filing of your income tax return. This is often triggered by suspicions of tax evasion or incomplete reporting. The IT Officer may issue a formal notice or order under Section 148, which compels you to submit your return.

Penalties and Late Fees

Failure to submit your income tax return on time results in penalties and late fees. If you file after the March 31, 2018, deadline, even with the intention to pay penalties and extra costs, it is too late to file manually. The ITD will issue penalties of up to ?5,000 for taxpayers who file late. Additionally, there are potential late fees and other administrative charges that may be imposed.

If you are facing challenges in understanding or complying with these procedures, it is best to contact a Chartered Accountant (CA) or seek assistance online. A professional can help navigate the complexities of filing after the deadline and ensure that you meet all necessary requirements and compliance standards.

Utilizing Your Tax-Saving Limits

Many taxpayers do not take full advantage of tax-saving opportunities available under the Income Tax Act. Our services can help you identify and utilize your tax-saving benefits, thereby reducing your overall tax liability. We offer tailored solutions to ensure that you are fully compliant with tax regulations while maximizing your savings.

If you are interested in learning more about how we can assist you, please leave your contact details below. Our experts will reach out to you to discuss your specific tax needs and provide personalized guidance.