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Income Tax Returns Filing 2018: File Your ITR Before July 31 or Pay Up To Rs 10,000 Fine

Latestly 2018-07-11 17:34:00

Income Tax Return Filing (Picture source: Income Tax efiling website)

New Delhi, July 11: Have you filed you Income Tax Returns for the Financial Year 2017-18? If not, you must do it before July 31, 2018, which is the deadline for filing ITRs. If you do not file you ITR within the prescribed time, you may have to pay a fine of up to Rs 10,000 besides interest. Early filing of ITR also ensures that you get your refund, if any, in time.

In case a person does not file their ITR by July 31, they can file it before the end of the fiscal year 2018-19, that is by March 31, 2019. However, if you file your ITR after July 31, you may have to pay a fine of Rs 5,000. If you further delay it and don't file it before December 31, 2018, you may have to pay a fine of Rs 10,000. However, if your annual income does not exceed Rs 5 lakh per annum, the fine on late ITR filing will be Rs 1,000.

How To File Income Tax Return

Before, you start with your Income Tax Returns (ITR) filing, it is very important to keep a few essential documents like Aadhaar Card, PAN Card, Bank details and other investment related documents ready.

1. Register Yourself at Income Tax Department’s e-filing portal:

The first step is where you will have to register yourself at Income Tax Department's e-filing portal at Keep your PAN Card ready because you will require it during the registration process. Your mobile number and email address is also required.  The registration process is quite simple. Your PAN no will be your user id.

2. Choose the required form:

Select the relevant form and the assessment year, for which the return has to be filed. Below are the ITR forms, which needs to filed based on your income criteria.

ITR-1: It is the Income Tax Return Form for salaried individuals (i.e. salary/pension/family pension and interest income).

ITR-2: It is a form for those earning capital gains.

ITR 3, 4 and 4S: This is a form for professionals and business owners.

3. Keep your Essential Documents Ready:

Keep your bank statement, Form-16 and other investment related documents in handy. As per reports, if you earn more than Rs 50 lakh, from this year you will have to fill an additional column —"AL" or assets and liabilities. You will have to disclose the value of your assets and liabilities. Assets have to be declared at cost. Pay Income Tax due, if any, then recalculate the tax and hit the ‘Submit’ button.

4. Verify ITR V:

Before selecting the final submission, it is important to save the data entered and also cross check the information, to avoid any mistakes. The Department asks you whether you want to digitally sign your return, if you choose ‘Yes’, then you need to upload your signature, which needs to be pre-registered at the Income Tax website.

However, if you do not have the digital signature, you can verify your return either electronically using Aadhaar OTP or Electronic Verification Code Method or by sending it to Income Tax Department-CPC, Post Bag No - 1, Electronic City Post Office, Bangalore - 560100, Karnataka by ordinary or speed post within 120 days of filling your returns electronically. Remember, the tax filing process is incomplete and ITR is invalid unless your ITR V is verified.