The Government extended the last date to file Income Tax Return for the Financial Year 2017-18 from 31st July 2018 to 31st August 2018. It is important for every taxpayer to file their ITR before the due date, if you fail to do so, you will have to pay some heavy penalty.
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If you haven’t filed your ITR yet, then file it now, as 31st August 2018 is just 10 days away. If you don’t file your Income Tax Return within the stipulated time, then you will have to pay a hefty penalty of upto Rs. 10,000 depending on the degree of the delay.
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So, file your ITR now and avoid tax penalty, while filing your Income Tax Return keep the following things in mind: –
- Take a good look at the slab rates for the Financial Year and choose it correctly, as it will make a huge difference while filing Income Tax Return.
- In case you have made errors while filing your original Income Tax Return, then, in that case, you can rectify the errors by filing a revised return. You can file revised return for belated returns too.
- You should not delay the filing of Income Tax Return, as delaying the process will attract heavy penalty. You may pay a penalty of up to Rs.10,000 depending on the degree of delay.
- The common mistake that many taxpayers make files wrong ITR Form. It is the most important thing and you must choose the correct ITR Form while filing ITR. The taxpayers are required to choose the Income Tax Return Form on the basis of their source of Income.
- The process of filing the ITR will be considered complete only when you verify your Income Tax Return. A taxpayer is required to verify the Income Tax Return within 120 days of filing it. A taxpayer can either send the ITR-V to CPC Bangalore or E-verify it. If the taxpayer fails to do so, then Income Tax Return is considered invalid.
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