31st March is around the corner and all the taxpayers must know that this date is quite important, as it is the last date to file Income Tax Return for the Assessment Year or A.Y. 2018-19 with penalty. Any taxpayer, who did not file the Income Tax Return yet are required to file the ITR on or before 31st March 2019 with penalty, as they will not be able to file ITR post this date.
The due date to file ITR for Financial Year 2017-18 or Assessment Year 2018-19 was 31st July 2018, which was later extended to 31st August 2018. The taxpayers who did not file their Income Tax Return on or before the due date were eligible to file it later with some penalty. Those who filed ITR after 31st August 2018, but before 31st December 2018 filed it with a penalty of Rs. 5000. Those who filed ITR after 31st December, had to pay a penalty of Rs. 10,000. The taxpayers who have an annual income of upto Rs. 5 Lakh are supposed to pay a penalty of Rs. 1000 only.
31st March 2019 is your last chance to file Income Tax Return for the Assessment Year 2018-19 with penalty, if you do not file your Income Tax Return on or before 31st March 2019, then you will not be able file it later and would not be able to claim refund, if you have paid extra taxes.