INSUBCONTINENT EXCLUSIVE:
Filing your income tax return (ITR) after the due date of July 31 will attract a penalty of Rs 5,000The Income Tax Department has been using
different mediums to remind assessees to file their income tax return (ITR) for Assessment Year 2018-19 by the due date
From social media platforms to website to emails, the taxman is urging assessees to finish the income tax return filing process before the
The last date to file the income tax return is July 31
Income tax return can be filed online through the taxman's portal, incometaxindiaefiling.gov.in
The public can file the income tax return online to and get the refund "faster than ever", said Finance Minister Piyush Goyal on
microblogging site Twitter
He also encouraged the public to not wait for the last date to file the income tax return.1
What happens if you miss the July 31 deadline to file your income tax returnOne can file the income tax return after the July 31 deadline
However, the delayed income tax return attracts a penalty of up to Rs 10,000, according to the Income Tax Department
not filing income tax return within due date
If return is filed beyond due date but before December 31, then fees payable will be Rs
5,000 whereas in other cases it will be Rs
How much interest do you have to pay for filing a delayed income tax returnWhen income tax return is not filed within the due date, interest
at the rate of 1 per cent per month or part of the month is levied up to the date of filing the same
The said interest is payable on tax payable after deducting the TDS (tax deducted at source), TCS (tax collected at source), advance tax and
other reliefs/ tax credits available under the law, said Chirag Chordia, Qualified Associate-Direct Tax, N.A
TDS is deducted by buyer or payer while TCS is collected by receiver, payee or seller.3
How to file income tax return onlineThe Income Tax Department has listed out five steps to filing an income tax return online
Get your documents togetherii
Login to your e-filing account on the income tax e-filing portaliii
Use pre-fill to complete the detailsv
Submit and e-verify the income tax return: This can be done through Aadhaar through an OTP- or one-time passcode-based process4
Central Processing Centre, Bangalore, of the Income Tax Department, processes the income tax return
It is only then that the tax liability or refund of taxpayer is determined
tax return well in time and avoid various consequences including levy of mandatory fee, say experts.5
How to e-verify income tax returnAfter submitting an income tax return, the assessee is also required to verify it
There are two options to do so: offline and offline
In the offline method, the assessee sends the a hard copy of the ITR-V to CPC, Bengaluru
In the online mode, the income tax return can be verified in five ways: through net banking, through bank account, through demat account,
