Another important point to note is that from the Assessment Year 2018-19, the time limit for filing a revised return rectifying any omission, error etc., made in the original tax return has also been reduced and such revision has to be done on or before the end of the relevant AY.

Where can I file my tax return 2018-19?

If you are among those taxpayers who are yet to file their income tax return for the fiscal 2018-19, you can file it online. The online filing format, known as e-filing, is a convenient way for taxpayers to file income tax returns sitting at their homes.

When is the last day to file a revised tax return?

The last date to file a revised return for FY 2018-19 is March 31, 2020. If you miss this date, then you will not be able to file a revised return. Another thing that a taxpayer must remember is that if a belated ITR is filed on March 31, 2020, then a taxpayer would miss out an opportunity to file a revised return if a mistake has been discovered.

What is the penalty for not filing your 2018 tax return?

If the tax due is more than $210, the penalty is at least $210. The IRS provided penalty relief for certain taxpayers whose 2018 federal income tax withholding and estimated tax payments fell short of their total tax liability for the year.

Are there new income tax rules for 2018-19?

Government has introduced new income tax forms for AY 2018-19. Rules are getting tough day by day or we can say that taxpayers must be active and punctual now to avoid any unnecessary penalties. So here in this article our main objective is to save taxpayers from paying unnecessary penalties.

What’s the limit for filing income tax return?

This limit is Rs 3,00,000 for senior citizens (who are more than 60 years old but less than 80 years old) This limit is Rs 5,00,000 for super senior citizens (who are more than 80 years old)