It will only take a little over a week for individuals to file their income tax returns without incurring any penalties.
It is important that you file your income tax return by the end of this month if you wish to avoid paying any penalty charges. For assessment year 2018-19 (financial year 2017-18), individuals have until August 31, 2018, to file their income tax returns. If you fail to file or submit your income tax return by that date, a penalty amount may range from $5,000 to $10,000 depending on the degree of your delay. Avoid last-minute rushes by filing your income tax return well before August 31.
Below is a Checklist for Filing an Income Tax Return (ITR):
1. If a person misses the deadline on August 31, what will happen?
The penalty for failing to file the income tax return before the deadline is 5% per month, along with interest at 1% per month. A three-tier fee system is in place to penalize those who fail to file their returns on time
The fees payable will be * 5,000 if the income tax return is filed after the due date but before December 31, while the fees payable will be * 10,000 when the return is filed after the due date. N.A. Shah Associates LLP partner Ashok Shah said, however, that fees payable will be restricted to * 1,000 for taxpayers with total incomes under $50,00,000.
When filing your income tax return, which form should you use?
Tax assessees can file their income tax returns online using seven forms, referred to as ITR forms, available from the Income Tax Department. The process of filing an I-T return online is known as e-filing and is applicable to the assessment year 2018-19, which means they relate to income earned in financial year 2017-18. These forms are referred to as ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6, and ITR 7.
Which income tax slabs are there?
If you earn between $2.5 lakh and $5 lakh, you will not have to pay income tax. If you earn between $2.5 lakh and $ 5 lakh, you will be subject to the five percent slab, which means 5 percent tax. According to the latest rules, incomes up to $3 lakh and $5 lakh are exempt from income tax for the super citizen and senior citizen categories.itr filing
After an income tax return has been filed, can it be amended?
Should an individual make a mistake on an ITR and wish to correct it, they can make a change until March 2019 (for financial year 2017-18, as well as assessment year 2018-19). In the past, assessees had two years to revise and resubmit an incorrect ITR. The earlier an individual files the ITR, the more time the individual has to revise it.
5. Is it mandatory to verify income tax returns?
A tax return must be verified by the public after it has been filed. The income tax department offers several mechanisms for verification, including mail, net banking, ATMs, and Aadhaar.