The tax comes back 2019: The last date to file the ITR for 2018-19 was extended this year. Last month, the tax department extended the point in time of July thirty-one by one month to create it August thirty-one.
The revenue enhancement comes back 2019: The last date to file the ITR for 2018-19 was extended this year. Last month, the revenue enhancement Department extended the point in time of Gregorian calendar month thirty-one by one month to form it August thirty-one. The revenue enhancement returns for the assessment year 2019-20 (the twelvemonth 2018-19) is August thirty-one, 2019. whereas there square measure solely a number of days left to file ITR associated just in case the individual fails to file a revenue enhancement come back by August thirty-one, a penalty of Rs five,000 are levied until the day. The penalty shall additional increase to Rs. 10,000 in step with the revenue enhancement department, once December's point in time.
Here square measures the ten key things, you must apprehend before filing your ITR this year:
1. The revenue enhancement Department has requested folks to file their revenue enhancement returns before the date to avoid the unpunctual rush.
2. The revenue enhancement Department has established an associate freelance portal for e-filing of revenue enhancement returns. The taxpayers will go browsing to incometaxindiaefiling.gov.in for filing the revenue enhancement come back on-line.
3. within the general class, people with annual financial gain up to Rs. 2.5 100000 don't seem to be vulnerable to pay revenue enhancement. within the subject|oldster|old person|golden ager|adult|grownup} and super citizen classes, there's no tax on annual incomes up to Rs three 100000 and Rs five 100000.
4. There square measure seven forms like ITR one, ITR 2, ITR 3, ITR 4, ITR 5, ITR vi and ITR seven - for filing of ITR, and one type - ITR-V - for verification, in step with its web site - incometaxindia.gov.in.
5. This time, the revenue enhancement department has introduced pre-filled ITR (Income Tax Return) forms for an explicit category of taxpayers. These pre-filled forms contain details of financial gain and taxes paid by assessees throughout the year.
6. The tax department has, however, suggested the taxpayers verify the pre-filled information fastidiously and add the other rateable financial gain that isn't pre-filled.
7. As per the recent Budget, there'll be associate "interchangeability of PAN and Aadhaar". those World Health Organization don't have PAN (Permanent Account Number) card will currently file revenue enhancement returns by quoting their Aadhaar range.
8. The revenue enhancement Department has conjointly mandated the general public to verify the revenue enhancement come back once submitting it. The bureaucrat offers many ways that like mail, web banking, ATM associated Aadhaar - to verify an ITR once it's submitted.
9. Once the come back is filed and verification of identity is punctually completed, the Central process Centre, Bangalore, of the revenue enhancement Department, processes the revenue enhancement come back.
10. once filing associate ITR online, a user will conclude the standing of the submission through the revenue enhancement Department web site.