Last date to file Income-Tax return extended to August 31
What's the story
In what would come as a relief for taxpayers, the Income Tax department has extended the last date to file I-T returns for FY 2018-19 by one month to August 31.
Previously, the deadline for ITR filing was July 31, 2019.
All taxable entities and individuals must report their annual earnings before this specified due date to avoid penalty and other dire consequences.
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Documents needed to file ITR
Important documents required to file Income Tax return are Form 16, Form 26AS, Interest certificates from banks and other financial institutions, Aadhaar card, and salary slips, among others.
Procedure
Here's how you can file your ITR online
To file your ITR, follow these steps:
First off, log on to the e-filing portal of the Income Tax department.
Click on 'Submit returns/Online returns...' link.
Log in to your account or register using your PAN.
Select assessment year, ITR form (as applicable) and submission code.
Finally, select 'Prepare and submit online' option. Enter the required details and submit.
Information
You can also download and upload the form
Another alternative way to file your Income Tax return is to download the form as an Excel utility from the e-filing portal of the I-T department, fill in the required information, generate an XML file and then upload it.
Verification
How to verify your return
You might think that filing your Income Tax return on time is all you have to do. But note that you also need to get your return duly verified.
There are various ways to verify your ITR such as Aadhaar-based OTP verification, or e-verification via net-banking.
You can also generate your EVC (Electronic Verification Code) via bank/Demat account, and bank ATM.
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What will happen if you miss ITR filing deadline
In case you miss ITR filing deadline (now August 31, 2019), you may have to face penalty up to Rs. 10,000, interest on net tax payable, issues in getting your refund, inability to carry forward losses to following years, and in some cases, even prosecution.
New rule
Separately, now use Aadhaar instead of PAN for ITR
On a related note, you can now quote your Aadhaar number in place of PAN to file your I-T returns.
This comes after Union Finance Minister Nirmala Sitharaman in her budget speech announced that PAN and Aadhaar can now be used interchangeably.
Further, Aadhaar can also be used for services where quoting of PAN is necessary such as buying gold, MF etc.