For those who became tax payers recently, the deadline for filing one’s returns is July 31 for the financial year 2017-18 – which ended on March 31. The financial year is succeeded by its Assessment Year (AY). For FY 2017-18, the AY is 2018-19.
If you’ve missed the deadline, and if you have a tax liability, you’ll need to file belated returns and pay your taxes along with a simple interest of 1 per cent per month on the outstanding due, calculated from the July 31 deadline. Let’s say your outstanding taxes were Rs. 20,000 and you were six months late in filing your returns. Therefore, your liability, with interest, would grow to Rs. 21,200.
There are also now clear penalties for being late in your return filing. If you miss the July 31 deadline, you have the option of filing your returns by December 31, 2018 with a penalty of Rs. 5000. If you file after December 31, your penalty would be Rs. 10,000. However, if your income is under Rs. 5 lakh, the penalty for late filing is fixed at Rs. 1000.

For those who became tax payers recently, the deadline for filing one’s returns is July 31 for the financial year 2017-18 – which ended on March 31. The financial year is succeeded by its Assessment Year (AY). For FY 2017-18, the AY is 2018-19.
If you’ve missed the deadline, and if you have a tax liability, you’ll need to file belated returns and pay your taxes along with a simple interest of 1 per cent per month on the outstanding due, calculated from the July 31 deadline. Let’s say your outstanding taxes were Rs. 20,000 and you were six months late in filing your returns. Therefore, your liability, with interest, would grow to Rs. 21,200.
There are also now clear penalties for being late in your return filing. If you miss the July 31 deadline, you have the option of filing your returns by December 31, 2018 with a penalty of Rs. 5000. If you file after December 31, your penalty would be Rs. 10,000. However, if your income is under Rs. 5 lakh, the penalty for late filing is fixed at Rs. 1000.