Due dates for filing ITR

[SAFETAB LIFESCIENCE]

Dear Experts,

The due date for filing ITR for individuals is 31.07.2018. Suppose if any one files after 31.07.2018, whether they can claim 80-C exemptions or not (Or) they have to pay only fine of ₹ 1000/Rs.5000 based on taxable income.

What is the due date for filing ITR for individuals who are the partners of partnership firm or directors of the companies whose accounts are audited under 44 AB.

[DR.MARIAPPAN GOVINDARAJAN]

In respect of individuals the last date for filing return is 31.07.2018. If it is filed after the due date late fee is payable if the income is below ₹ 5 lakhs, ₹ 1000/- and if it exceeds ₹ 5 lakhs it will be ₹ 5000/-.

[Ganeshan Kalyani]

In my view, 80C benefit will not be denied for filing the income tax return after the due date.

AI Summary

Late filing penalties apply to individual income tax returns; eligible 80C deductions may still be claimed despite delay. Due date for filing individual income tax returns is 31.07.2018. Filings after that date attract a late fee that differs by taxable income tier, with a lower penalty for returns where taxable income is below the stated threshold and a higher penalty where it exceeds that threshold. Late filing alone does not automatically disallow claims for deductions under the 80C family if the substantive eligibility conditions for those deductions are met.