Income tax– how to fill! Get relax….
The finance ministry in a tweet has announced the extension of income tax return filling deadline by a month upto August 31, 2018,for categories of tax payer,who were to file itr before 31st july.
The tweet says “Upon consideration of the matter, the Central Board of Direct Taxes (CBDT) extends the ‘Due Date’ for filing of Income Tax Returns from 31st July, 2018 to 31st August, 2018 in respect of the said categories of taxpayers.”
Until last assessment year (AY) there was no penalty for filing belated income tax returns. However, this penalty is applicable from AY 2018-19.
A new section 234F was inserted by the government in the Income Tax Act.
As per this section, an individual would have to pay a fee of up to Rs 10,000 for filing income tax return after the due dates specified in section 139(1) of the Act.
Tax experts say that as per the amendments made in the Finance Act 2017, taxpayers are liable to pay a fee of Rs 5,000, if their tax return for the financial year 2017-18 is filed after the return filing deadline but before December 31, 2018.
The fee payable will increase to Rs 10,000, if the tax return is filed on or after January 1, 2019. However, if the total income of the taxpayer is less than Rs 5,00,000, the fee amount shall not exceed Rs 1,000.
Kuldip Kumar, Partner & Leader, Personal Tax, PwC India says, “Although due date extended, those who have taxes to pay should pay before July 31 to save additional one month interest under section 234B.”
Process of filing the form electronically is known as e-filing.
Why is it required to fill income-tax?
If a person financial year income via all sources exceeds the permissible amount as declared in budget,you are eligible for income tax return.
Top websites for e-filing-1.Taxspanner,2.H&Rblock,3.Taxsmile,4.Cleartax
Using completely online method, a person can fill the income tax return (ITR) form online by entering the relevant information and finally submit it online as well.
Quite difficult for the beginners.So,gonna explain how to do-1.Visit websiteincometaxindiaefiling.gov.in 2.Register with your pancard and fill other details 3.Go to e-file-> income-tax return.Fill Itr1,itr2 itr3 itr4 fill as per your source of income 4.Declare all your source of income with the help ofdocument16A,TDSform.You can save it as draft for future modification 5.Finally Submit