Deadline to file I-T returns extended to 31st October
What's the story
Easing the stress of many tax payers, the Finance Ministry extended the last date to file the Income Tax returns. Now, you can file your I-T returns by 31st October. Previously, the deadline was 30th September. The announcement was made on Twitter by the Ministry. Filing returns is a compulsory exercise for those earning above the taxable limit.
Twitter Post
Ministry of Finance's tweet
Due-date for filing Income Tax Returns & various reports of audit prescribed under the IT Act,1961 has been extended to October 31, 2017.
— Ministry of Finance (@FinMinIndia) August 31, 2017
Losses
Missed the deadline? Know your losses
Claiming refunds on advance taxes paid or on tax deducted at source will make you lose interest payable by the I-T department. A delay of even one day means loss of four-month interest. Your losses won't be carried forward if you don't file returns in time. However, there's no penalty for delayed filing this year. Proposed penalty on delayed filing kicks in from 2018.
Know the steps
Meanwhile, this is how you can e-file your I-T return
Register yourself by providing PAN. Next, choose how you want to e-file your ITR. Either download, fill it offline and upload it back on the site or fill it by selecting the quick e-file option. Select the requisite form: ITR-1, ITR-2, ITR 2A, ITR 3, 4 and 4S. Fill the form and upload. Once done, verify ITR V. Look up dos and don'ts beforehand.