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Income Tax Return (ITR) Filing Deadline Date, How To File, Penalty Charges, Income Tax Slab & More!

Written by Astha Sharma

ITR Filing Deadline Date, How To File, Penalty Charges: The Income Tax Return filing dates are on and we all know about it. There is the latest update regarding the closing date of Income Tax Return filing which says that it is extended to the 31st August 2019. It is done by the finance minister from July 31st to August 31st. This deadline of July 31st is extended for a month which is set for most of the individuals as well as HUFs. The finance ministry in a statement has said that the Central Board of Direct Taxes(CBDT) has already extended due date for the filing of Income Tax Return from July 31st to August 31st in respect to the stated categories of all taxpayers.

Highlights & Top Things to Know about Filing Income Tax Return Online

  • There are 3 categories of Individual Taxpayers i.e. Individual (below the age of 60 years), residents,  non-residents and resident senior citizens (having age of 60 years and above but below 80 years) and resident super senior citizens (above 80 years of age).
  • The person who has an annual income of 2.5 lakh or more need to file the Income Tax returns. For senior citizens (having age of 60 years and 80 years) the Limit is 3 Lakh and for super senior citizens (above 80 years of age) the limit is Rs. 5 lakh.
  • The Forms for Filling Income Tax Return are known as TR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6 and ITR-7.
  • Now, the I-T Department has introduced pre-filled ITR (Income Tax Return) forms for the certain Class of Taxpayers. Also, the income tax department will provide pre-filled ITR-1, ITR-2, ITR-3 and ITR-4 forms which are available for download as an XML file.
  • Recently the Government announces “interchangeability of PAN and Aadhaar”, which means Individual who does not have PAN (Permanent Account Number) card can file income tax returns by quoting their Aadhaar number.
  • After filling the ITR, users are required to verify it. the I-T department provides 5 ways for verification of an ITR i.e  Aadhaar OTP, bank ATM, bank account, Demat account, and net banking.
  • the I-T Department also enables the income tax assessees to check the status of ITR online through its e-filing Portal, i.e. incometaxindiaefiling.gov.in
  • The most important news is that the ITR filing last date is extended.
  • The new deadline for the ITR submission for FY 2018-2019 is extended to August 31.
  • This year CBDT has extended the deadline for all the employers so as to file their TDS returns.
  • If in case the ITR is already filed between January 1 and March 31 then the late filing fees of Rs.10000 will be levied.

Income Tax Return (ITR) Filing Deadline Date, How To File, Penalty Charges, Income Tax Slab & More!

Conditions 

The extension of the closing date is done on the iterative appealing to the government regarding the grant of some more time to the taxpayers for filing the IT return. And not only this the CBDT has also extended the deadline for the payment to June 30. Earlier it was set to May 31. Subsequently, the issuance of Form 16 was also pushed pack from July 31 which was initially set to June 15.

If the taxpayers still do not pay their IT return within the closing date then they will definitely be going to be charged with Rs.5000 penalty. The given condition for this is that if they file it in the month of December 31. However, the late fees after ‘December will be charged as double. The double rates will be when the taxpayer files the return between January 1 and March 31.

Moreover this time all the individual taxpayers are asked to file income tax returns electronically. The only exclusion to this rule is the senior citizens who can file return in paper forms. Form 16 has also been beefed up and in this employers have to make available a detailed breakup of all the components. It is comprising of remuneration which was received from the employees of the previous years and all the tax deductions were availed of by the employee.

In addition to this in order to make the tax filing procedure quite less burdensome, this department will be offering pre-filled ITR-1 forms. These forms include your salary, FD interest comes and all the TDS particulars. Till this date, all the information specifics and data have to be manually filled by the taxpayer.

On the other hand, one has to take note that this facility of filling the form of ITR form 1 is available at the website incometaxindiaefiling.gov.in. The software is going to use the PAN information of the taxpayers from the Form 26AS and also the TDS return which is filed by the employer as well as the preceding ones.

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Astha Sharma

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