Income Tax returns 2018: to file ITR, deadline August 31

Author yuvamind

NEW DELHI: The date for filling the annual income tax returns (ITR) for the financial year 2018-19 was July 31, 2018 which has been extended till 31 August (Friday) 2018. Today is last date of filling the income tax returns. But, only the due date for Kerala has been extended till September 15 due to affected by heavy floods in which there were a large number of properties destructed and people lost their life in the state.
People who have Rs 2, 50,000 are responsible to pay income tax. If you are an Indian resident and have assets or investments outside the country, it is mandatory for you to file returns even if your income is not taxable. Important things regarding ITR:
  •  If you miss to file ITR by due date, will be taken penalties income tax department. If your income is less than Rs. 5 lakh, the penalty would be Rs. 1,000. While people those have income of more than Rs. 5 lakh, the penalty would be Rs. 5,000.
  •  People are suggested to verify the income tax return after submitting it. This can be done in 5 ways - through Aadhaar OTP (One-Time Passcode), bank ATM, bank account, net banking or by sending a signed ITR-V form to the Centralized Processing Centre (CPC) in Bengaluru.
  •  If you make a mistake while filing your Income Tax Return, you can still make changes to it till March 2019.
  •  According to Income tax laws in India, you can carry forward your business loss or any unabsorbed loss under house property and capital loss for up to 8 years.
  • You can simply file income tax return online by visiting this website: http://www.incometaxindiaefiling.gov.in.
Note: Keep basic details and documents like PAN card number, bank account details, Form 16 handy before filing the return.
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