As the deadline for filing the income tax return (ITR) was extended (for certain categories) from July 31 to August 31 on Thursday, all the potential taxpayers who haven’t filed their tax returns yet can avail the income tax department’s extension to file their taxes without paying any late charges.
“Upon consideration of the matter, the Central Board of Direct Taxes (CBDT) extends the ‘due date’ for filing of Income Tax Returns from July 31, 2018 to August 31, 2018 in respect of the said categories of taxpayers,” a Finance Ministry statement said. The newly issued ITR forms were notified early in April and taxpayers (whose accounts are not liable for audit) are allowed to e-file their ITRs till August 31.
The IT returns filing process has been made available online. There are two methods to file the form online. One is by manually entering all the details and submitting the return online. The other method is by uploading XML files through offline methods.
What happens if you miss the ITR deadline?
If you miss the August 31 deadline, and if you have a tax liability, you’ll need to file belated returns and pay your taxes along with a simple interest of one per cent per month on the outstanding due, calculated from the August 31 deadline.
What are the documents required to file ITR?
There is a group of documents required for filing IT returns online. One must keep PAN number, Aadhar number and bank account details ready prior to filing the form. Here are the rest of the documents one may need according to their suitability while filing online IT returns. Read more