Have you filed your income tax return (ITR) If not, there's about a week left for you to do so without having to pay any fine for submitting a delayed income tax return.July 31is the last date for individuals to filetheir income tax return (ITR) for assessment year 2018-19 without any penalty.
The Income Tax Department has in the recent past used multiple mediums to ask the assessees to complete the ITR filing process in due time.
Income tax return can be filed ether online - through the I-T department's portal incometaxindiaefiling.gov.in - or offline.
From social media platforms to the e-filing website, the taxman has time and again encouraged the general public to file the income tax return in due time.How to file income tax return onlineThe Income Tax Department has listed five steps for individuals to filethe income tax return online.
These are:i.
Get your documents togetherii.
Login to your e-filing account on the income tax e-filing portaliii.
Use the relevant ITR formiv.
Use pre-fill to complete the detailsv.
Submit and e-verify the income tax return: This can be done through Aadhaar through an OTP- or one-time passcode-based processMissing the July 31 deadline to file ITR leads to fineOne can file the income tax return after the July 31 deadline.
However, the delayed income tax return attracts a penalty of up to Rs 10,000, according to the Income Tax Department.
Besides this, a delay in filing of income tax returns also makes you liable to pay interest.A three-tier fee system has been introduced for not filing income tax return within due date.
If return is filed beyond due date but before December 31, then fees payable will be Rs.
5,000 whereas in other cases it will be Rs.
10,000.
(Read more)When income tax return is not filed within the due date, interest at the rate of 1 per cent per month or part of the month is levied up to the date of filing the same.
The said interest is payable on tax payable after deducting the TDS (tax deducted at source), TCS (tax collected at source), advance tax and other reliefs/ tax credits available under the law, said Chirag Chordia, Qualified Associate-Direct Tax, N.A.
Shah Associates LLP.
TDS is deducted by buyer or payer while TCS is collected by receiver, payee or seller.Delayed filing of income tax return = delayed processingOnce the return is filed and verification of the same is duly completed, the Central Processing Centre, Bangalore, of the Income Tax Department, processes the income tax return.
It is only then that the tax liability or refund of taxpayer is determined.
Delayed filing of income tax return will result into a delayed receipt of the tax refund.It is advisable for every taxpayer to file income tax return well in time and avoid various consequences including levy of mandatory fee, say experts.(Read: Key things to know about Sahaj, other ITR forms| How to minimise the amount you pay as income tax)How to e-verify income tax returnAfter submitting an income tax return, the assessee is also required to verify it.
There are two options to do so: offline and offline.
In the offline method, the assessee sends the a hard copy of the ITR-V to CPC, Bengaluru.
In the online mode, the income tax return can be verified in five ways: through net banking, through bank account, through demat account, through bank ATM and through Aadhaar OTP.