Earlier the last date to file Income tax Return for the Financial Year 2017-18 was 31st July 2018, but as per the recent notification by the Central Board of Direct Taxes the deadline to file ITR for the Financial Year 2017-18 has extended from 31st July 2018 to 31st August 2018.
Though this news came as a sigh of relief for many taxpayers, but it does not mean that you will sit back and file your Income Tax Return on the last date. You must know as per the notification by the Central Board of Direct Taxes, the penalty for the late filing of ITR is Rs.1000, Rs.5000 and Rs.10,000 depending on the time when you file ITR after the due date. The taxpayers who have annual income of upto Rs.5Lakh are required to pay Rs.1000 as penalty for the late filing of Income Tax Return.
Since the due date to file ITR has extended these are a couple of things that a taxpayer should keep in mind while filing their Income Tax Return for the Assessment Year 2018-19.
- Keep all your necessary documents handy, the major documents that you must have by your side while filing ITR are PAN Card, Aadhaar Card, Form 16 (if you are a salaried employee) and Bank Details.
- Apart from the documents, you must also know which ITR Form is applicable for you, as it is a tough task to understand which ITR Form you must file among the seven notified Forms.
- One more thing that a taxpayer should always keep in mind while filing Income Tax Return is, he/she should never misreport the income and should always disclose all the incomes from various sources. If a taxpayer fails to do so, the taxpayer may receive a tax notice from the Income Tax Department and will be penalised for the same.
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