Filing ITR can be done both online and offline. Not filing ITR or late filing can attract penalty up to Rs 10,000. Taxpayers must keep all the required details like PAN, Form 16 and other important documents in hand while filing the returns.
Here's all you need to know about filing returns:
As mentioned earlier, there are two ways for filing ITR -- physical or online. The online or electronically filing process of returns is known as e-filing and can be done via portal (https://ift.tt/1dxxFKf).
It is very important to pick the correct ITR form while filing the returns. Some of the available forms are ITR 1 (SAHAJ), ITR 2, ITR 3, ITR 4, ITR 4S (SUGAM), ITR 5, ITR 6 and ITR 7.
Read here complete guide for filing ITR
After filing the returns online, taxpayers can quickly e-verify it using 'digital signature certificate' (DSC). For those who don't have a DSC, they can fill the verification form and send it to the tax department's office within 120 days of filing the returns.
Late fine: If an individual fails to file ITR by August 31, a penalty of Rs 5000 will be levied if the return is furnished before December 31. And, the late fee will be Rs 10,000 if it (ITR) is filed after December 31.
After filing returns, taxpayers can also check the status of the ITR.
Income Tax Refund Status: An intimation is usually sent to the taxpayers, who are registered with the I-T portal (https://ift.tt/1dxxFKf), via an SMS or an email. It reflects the refund amount which will be credited into your account along with a 'refund sequence number'.
The Income Tax Act, 1961 and its rules decide the due dates for filing income tax return under section 139. The government can change this due date by issuing a proper notice.
An exemption for Kerala
Meanwhile, the government has extended the last date for filing Income Tax returns (ITR) in the flood-hit state of Kerala. The southern state witnessed the worst flood situation in a century.
"In view of the disruption caused due to severe floods in Kerala, the Central Board of Direct Taxes (CBDT) hereby further extends the due date for furnishing Income Tax returns from August 31, 2018 to September 15, 2018 for all Income Tax assesses in the state of Kerala, who were liable to file their Income Tax returns by August 31, 2018," a notification from ministry of finance stated.
It can be noted that the extension of ITR deadline is only for taxpayers in Kerala.
from Times of India https://ift.tt/2NzYWjZ
