ITR Filing Deadline: Countdown begins! ONLY 4 days left to file Income Tax Return and avoid penalty
ITR Filing 2019: The last day for filing Income Tax Return (ITR) for the assessment year 2019-20 (the financial year 2018-19) is August 31. To avoid penalties, taxpayers need to ensure to file income tax return before the last day of filing. Only four days are left to file income tax return (ITR) and it is mandatory for taxpayer to file ITR within a pre-determined due date.
If one files ITR after the deadline, which is August 31, will invite penalties, an amount ranging from Rs. 5,000 to Rs. 10,000 depending on the degree of delay, according to the IT department's website - incometaxindia.gov.in.
ITR Filing: Warning! 5 most common mistakes one should avoid during filing Income Tax Return
Last month CBDT extended the last day of filing ITR from July 31 to August 31 for the financial year 2018-19.
One can file ITR online through income tax's e-filing ITR website. However, it is common for individuals to makes mistakes while filing ITR online.
The department is providing pre-filled ITR-1, ITR-2, ITR-3 and ITR-4 forms that are available for download as XML files.
Individual filing ITR just needs to pre-validate the bank account in which they will receive an income tax refund once the return is successfully filed.
Individuals are also required to link their PAN with a bank account as well. If the bank account is not linked with PAN, then you won't be able to get the income tax refund in your bank account.
ALSO READ: Income Tax Return: Step-by-step guide to file ITR online before last date
How to file Income Tax Return (ITR) online:
Step 1: Individuals have to register themselves with the Income Tax Department's e-filing portal -- incometaxindiaefiling.gov.in -- using their Permanent Account Number (PAN).
Step 2: Prepare and submit a return and income tax. And interest, if any, will be automatically calculated.
Step 3: After submitting the return, individuals need to verify their returns using the Electronic Verification Code (EVC) or Aadhaar OTP or digital signature certificate.
What happens if you miss filing I-T return?
A hefty amount of fine is levied on individuals who miss filing ITR by the due date.
Until December 31 -- fine is Rs 5,000
Until January 1/March 31, 2020, fine is Rs 10,000
For those whose income is below Rs 5 lakh, the late fee is Rs 1,000
Important: If you fail to file an income tax return, and tax due is more than Rs 25 lakh, you can even face a seven-year jail term.
