ITR filing: Income tax is levied on taxpayers on the basis of a slab system.The last date for filing the income tax returns (ITR) for the assessment year 2018-19 (financial year 2017-18) is August 31.
The only exception for this is Kerala, where the due date has been extended to September 15 in wake of the devastating floods.
It is mandatory for individuals who earn a specified amount of annual income to file ITR.
Filing the income tax return after the due date will attract penalties from the income tax department, depending on the degree of delay.Income tax is levied on taxpayers on the basis of a slab system.
According to the income tax department, there are three categories of individual taxpayers- individuals (below the age of 60 years) which includes residents as well as non-residents, senior citizens (60 years and above but below 80 years of age) and super senior citizens (above 80 years of age).In the general category, individuals with annual income up to Rs.
2.5 lakh are not liable to pay income tax.
Senior citizens (aged 60 years or above but less than 80 years) whose income are up to Rs.
3 lakh are exempted from paying tax.
For super senior citizens, aged 80 years and above, income up to Rs.
5 lakh is exempt from tax.The taxman has stipulated a penalty amount ranging from Rs.
5,000 to Rs.
10,000 for filing of income tax return for assessment year 2018-19 after the due date.
The amount of money charged as penalty or fine for a belated ITR increases will be based on the degree of delay, said Income tax department.The Income Tax Department has also mandated the public to verify the income tax return after submitting it.
Income tax assessees can get their ITR submission verified by sending a signed ITR-V form to the Centralized Processing Centre (CPC), Bengaluru.
Other than this, the Income Tax Department provides five more ways for verification of an ITR: Aadhaar OTP (One-Time Passcode), bank ATM, bank account, demat account and net banking.