The last date of filing income tax returns for the assessment year 2018-19 has been set as March 31, 2019 – the financial year 2017-18- along with a late fee of Rs 10,000. Simply put, people who have skipped filing their income tax return for the last financial year have been given leeway by depositing late fee of Rs 10,000.
“You can still file your Income Tax Return for A.Y. 2018-19 ( F.Y. 2017-18 ) by 31st March 2019 with a late fee if you have not filed yet,” the I-T department wrote on Twitter.
The income tax office will remain open today and tomorrow as the department races against time to meet the revenue collection.
The I-T Department listed three steps for income tax assessees to file the late ITR:
Register on income tax e-filing website:
Taxpayers can file their returns from the comfort of their home by registering not only on the income tax department website i.e., http://www.incometaxindiaefiling.gov.in. but other agent websites as well.
Submit income tax return and verify:
After filing the income tax return, the assessee should submit and verify the same following one of three methods – through electronic verification (e-verification) code, through Aadhaar one-time passcode or through a digital signature certificate.
What are the documents required to file the taxes?
The Income Tax Department has been reminding PAN card holders to link it with their Aadhaar numbers by March 31. Over the past few weeks, the department has said that doing so is mandatory for the filing of income tax return.
You will require bank account details before filing the returns. Also keep in handy details regarding income from any source, such as property, salary, a breakup of salary, last year’s tax returns, bank statements, TDS (Tax Deducted at Source) certificates and Profit and Loss (P&L) account statement, balance sheet and audit reports, if applicable.
What happens in case you don’t file ITR by March 31?
Non-filing of the income tax return or filing an income tax incorrectly may result in penalty or prosecution, the I-T Department added. The ITR for the assessment year 2018-19 cannot be filed after March 31. Any refund will be credited to such an income tax assessee’s bank account directly, as per the normal process.
Mistakes one can avoid while filing IT returns online
Filing incorrect or incomplete income sources, mismatching form 16 and form 26AS or choosing the wrong ITR form are some of the common mistakes observed during the filing of income tax returns. If after filing your tax return you realise that you have not reported certain incomes, or made any errors, it is possible to file a revised return. Read more about the common mistakes to avoid, here.