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Flat Date: July 24, 2018, 4:42 pm

Property Purchased In 2017-18, Need To File An Income Tax Return By July 31

If you have bought property in the financial year 2017-18, then read this article. Flat, Plot or Car purchased in the year 2017-28, need to file an Income Tax Return (ITR) by July 31. The last date to file the ITR is 31 July, 2018. Only one week remaining for filing the ITR. If not filed, then have to  suffer consequences. 

  • Penalty On Late Filing of ITR

If you have not filed it yet, then do it right now as it may attract penalty up-to 10,000 besides interest till post July 31, 2018. As per the new Law a Penalty of Rs. 5000 will be levied if the return is filed after the due date but before December 31, 2018 and Rs. 10,000 Post December 31. If your income is not more than 5 lakh, then maximum penalty levied will be Rs 1,000. In Addition, if you do not file an ITR, the Tax Department can send you a notice based on not filed Income Tax Return and can ask you why your Annual Income is not filed.   

  • Property Purchased Over Rs. 10 Lakh 

If you have purchased Properties above 10 Lakh, you will have to provide PAN details for the registration of the property. From The PAN detail, the Income Tax Department will Know that you have purchased property more than Rs. 10 Lakh. In such a case, If you do not file an ITR the Income Tax Department can send you a notice and will ask you from where the money for the property you purchased has come and why you have not filed an ITR.

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  • Will have to pay penalty

If the Income Tax Department come to know that your annual taxable income is more than Rs. 2.5 lakh and you are not filing income tax returns, then you may have to pay interest and tax upto 200 percent. while investigation if it is found that the amount of tax evasion is Rs. 25 Lakh and more then the tax evasion person may have to go to jail.

  • Time Limit To Revise Any Mistake in ITR Form

If a person, after filing the return find any mistake in the return form, then the ITR form should be revised till 31 March, 2019.

 

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