ITR Filing Date Extended To 31 Aug, Know How To File Returns

1. ITR Filing Date Extended To 31 Aug, Know How To File Returns

2. The date for filing ITR in India has extended for FY 2018-19 to August 31, 2019, from July 31, 2019. It is a much-needed relief for the taxpayers as they were facing multiple problems in filing returns by July 31. The earlier deadline was for individuals and HUFs. It is that category who are not mandatory required to get their accounts audited for tax purposes. Many CAs and tax practitioner societies have appealed to expend the date to provide sufficient time to taxpayers to file ITR. Additionally, the ITR form 1 has also been simplified to make it easier for salaried employees to file returns online.

3. In case the taxpayer fails to file ITR before the last date, he will have to pay a late filing fee of Rs. 5,000. Notably, this is applicable only if the ITR is filed before December 31. However, if the ITR is filed after December 31 but before March 31, the late penalty of Rs. 10,000 will be levied. Now with the extension of the deadline, the taxpayers will not have to worry about the fees for late filing. How to File ITR? The following is the step-by-step guide to file ITR in India: Step 1: Collect Required Documents The first step is to collect the required documents to file ITR, such as Form 16, interest certificates, and salary slips. The documents will help in computing the gross taxable income and details of tax deducted at source (TDS). ITR Form 16 is a TDS certificate that is provided by the employer. Step 2: Download & Check 26AS Form 26As is the tax passbook that consists of all the details of the tax deducted from the taxpayer’s income during the financial year 2018-19. The taxpayer needs to check his TDS certificates with Form 26AS to make sure that all the tax deducted is deposited with the government. It can be easily downloaded from TRACES website.

4. Step 3: Rectify Errors If the amounts shown in TDS certificate and Form 26AS don’t match, then the taxpayer needs to get the errors rectified. He can ask the employer, bank, or any other deductor to correct the details. If the errors are not rectified on time, then the taxpayer will face difficulties in claiming the credit on tax. Step 4: Compute Total Income After collecting all the documents, compute the total income chargeable to tax. All the required information can be easily found in Form 16. Step 5: Compute Tax Liability Now compute total tax liability by applying the tax rates 2019 as per the income slab. It is worth mentioning that the tax slabs have remained unchanged for the current financial year. Step 6: Calculate Final Tax Payable After computing the tax liability, deduct the already paid tax through TDS or TCS. Add interest, if applicable. It will help in computing the final payable tax. All individuals can pay additional taxes via cheque or online.

5. Step 7: File ITR Next, start the process to file ITR. In case the taxpayer wants to claim the refund, he can do so by filing ITR. Ensure the correct ITR form is used as in case of the wrong form, it will be termed as defective return. The taxpayer will have to file the return again. Step 8: Verification of ITR The last step is to verify the process. There are six ways to verify it, out of which five are electronic, and one is physical verification. Notably, the applicant can verify ITR only within 120 days. The taxpayer can also request the assessing officer to verify it. https://ziploan.in/