INSUBCONTINENT EXCLUSIVE:
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
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
Get your documents togetherii
Login to your e-filing account on the income tax e-filing portaliii
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
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
(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
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
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,
