March is the last month of the financial year. This is very important in terms of financial planning. It is good for you to know about some important deadlines that fall in it. One such deadline is to file a bilated ITR for the financial year 2018-19. This is especially important for those who have not yet filed their Income Tax Return (ITR). March is not only important for tax-linked deadlines. By this month, you have the last chance to complete tax saving. March is also the last chance to pay advance tax.
The Income Tax Department has informed about some important tax related dates through a tweet. It is very important for taxpayers to know about them.
ITR’s bilateral filing
The last date to file ITR for the financial year 2018-19 is 31 March 2020. If the bilated return is not filed by this date, then the taxpayer will not be able to file his ITR until the Income Tax Department asks him to do so.
Late filing tax payer will also have to pay late filing fees. It is 10,000 rupees. However, if the taxpayer’s income is not more than Rs 5 lakh, then the late filing fee will not be more than Rs 1,000.
If you have made a mistake while filing the tax return for the financial year 2018-19 or if you have detected that mistake recently, then it is necessary to rectify it. This can be done by filing a revised return.
The last date for filing the revised ITR for the financial year 2018-19 is 31 March 2020. If you miss this date, you will be able to file the revised return.
One more thing taxpayers should keep in mind. If they file the bilated return on 31 March 2020, the taxpayer has the amended
Payment of advance tax
March 15, 2020 is the last date for submission of the fourth and final advance tax installation for the financial year 2019-20. This date also applies to those who fall under the ambitious taxation scheme under sections 44AD and 44ADA. If advance tax is deposited after this date, interest will be charged.