The last date to file the income tax return (ITR) is near, and taxpayers are rushing to complete the process online. It is to be noted that, the Income Tax Department, has set August 31 as the due date for assessees to file their income tax returns for assessment year 2019-20 (financial year 2018-19) without any penalty charges.
Everything you need to know to file the ITR and the applicable penalty charges for missing the deadline:
You must know that an income tax return can be filed online through the taxman's e-filing portal @ incometaxindiaefiling.gov.in. The Income Tax Department's Central Processing Centre only processes the duly filed return after verification of the same by the assessee.
Once the income tax return is submitted, the taxpayer must verify it for completing the filing process. Only after it, the tax liability or refund of taxpayer is determined.
Can income tax return be filed after August 31?
Yes, ITR can be filed after the due date i.e. August 31. But, a delayed or belated income tax return will charge you a penalty of up to Rs. 10,000, as per the Income Tax Department.
Also, for an income tax return filed after August 31 but before December 31, a fee of Rs. 5,000 is applicable. In other cases, where the return is filed after December 31, a late fee of Rs. 10,000 is charged by the Income Tax Department.
Adding to it, a delayed filing of ITR leads to a delayed receipt of the tax refund.
When submitting an income tax return, the assessee is required to verify it. An income tax return can be verified in five ways: by net banking, by a bank account, by a demat account, by an ATM, and via an Aadhaar OTP (one-time passcode)-based process.
However, after filing an ITR online, a user can even find out the status of the submission through the Income Tax Department website.
Individuals who have an annual income of Rs. 2.5 lakh or more are mandatorily required to file an income tax return. For senior citizens (individuals between 60 years and 80 years of age), the limit is Rs. 3 lakh, and for very senior citizens (aged above 80 years), the limit is Rs. 5 lakh, as per the taxman.
Source: NDTV
