INSUBCONTINENT EXCLUSIVE:
Did you know you can still file your ITR or income tax return for assessment year 2018-19 The Income Tax Department has set a due date of
March 31 for income tax assessees to file their income tax return for assessment year 2018-19 (AY2018-19) - which is financial year 2017-18
- with a late fee of Rs 10,000, according to a post by the taxman on microblogging website Twitter
This means that individuals who have skipped filing their income tax return for the previous financial year can still do so by paying the
late fee of Rs 10,000.The Income Tax Department enables the assessees - those required to pay income tax under the current laws - to file
income tax returns for the past financial year
However, the late taxpayer has to bear penalty charges for the delay in filing the income tax return.Non-filing of income tax return or
filing an income tax return incorrectly may result in penalty and prosecution, the Income Tax Department added
It also said that the ITR for assessment year 2018-19 cannot be filed after March 31, the taxman noted - which means this is the last chance
for assessees to clear their pending income tax returns for the financial year 2017-18
Any refund will be credited to such an income tax assessee's bank account directly, as per the normal process.Step 1: Register on income
tax e-filing websiteThe user is required to register himself/herself on the Income Tax Department's e-filing (online filing of income tax
return) portal - incometaxindiaefiling.gov.in.Step 2: Prepare and submit income tax returnThen, the user is required to file the income tax
return either in online or offline mode.( March 31 due date for linking PAN with Aadhaar)Step 3: Verify income tax returnOnce the income tax
return is filed, the assessee is required to verify the same, noted the taxman
This can be done online by one of the three methods: through electronic verification (e-verification) code, through Aadhaar one-time
passcode or through digital signature certificate
( How to verify income tax return after filing)Get the latest election news, live updates and election schedule for Lok Sabha Elections 2019
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