The due date for filing the Income Tax Return for individual assessee for the financial year 2017-18 is July 31, 2018. Complete all your documents  and keep ready to avoid late filing the ITR.

Consequences of not filing IT Return on time:

If you don't file the return on time, you are levied:

- An interest of 1% on tax payable for each month of delay in filing the return.

- A late fee of Rs. 5,000 until December 31, from FY18 onwards on non-filing of tax return within the due date.

- On delay beyond December 31, late fee of Rs. 10,000 is applicable.

- Besides, being liable for interest and late fee, you will lose the ability to carry forward eligible losses and claim your tax refund and consequential interest.

- A penalty of 50% of tax payable, from FY17 onwards.

- In the worst case of tax evasion, tax authorities might give you a maximum 7-year jail term.

So, it's always advisable to file your ITR on time.

But if you have missed even the due date for the belated tax return, here's what you can do now:

If you have missed the deadline for filing your tax return and have your tax refund pending or wish to carry forward your losses, then you can file a condonation of delay request to the Income Tax department.

A. How to file condonation of delay request?:

1. Login into your account on the Income Tax e-filing website.

2. Go to 'My Account' tab

3. Select the option for 'Service Request'.

4. Select New Request

5. Select Condonation Request.

6. Select a reason for the delay

7. Click on the 'Submit' button.

You can track the status of your request through the e-filing portal.

B. On what basis does the I-T department accept/reject such application?:

1. Correctness and genuineness of claim

2. Presence of genuine hardships which led to the delay

3. Income not assessable by any other person under the Income Tax Act

4. The refund has arisen due to excess TDS/self-assessment tax/advance tax

5. Further, the department has a maximum of 6 months to accept your application.

C. When can you not file the condonation of delay request?:

If you have paid all the taxes but haven't filed the ITR before March 31, 2019 then you can neither file the return now nor can make the condonation of delay request.

In such a case, the I-T department can issue you a notice and levy a maximum penalty of Rs. 5,000 on ITR non-filing in the absence of a genuine reason for non-compliance.