The last date to file income tax return (ITR) varies for different categories of taxpayers. For the financial year (FY) 2018-19, the government has extended the deadline by a month to August 31, 2019.Â
in India, the system of direct taxation as it is known today has been in force in one form or another even from ancient times. There are references both in Manu Smriti and Arthasastra to a variety of tax measures. Manu, the ancient sage and law-giver stated that the king could levy taxes, according to Sastras. The wise sage advised that taxes should be related to the income and expenditure of the subject. He, however, cautioned the king against excessive taxation and stated that both extremes should be avoided namely either complete absence of taxes or exorbitant taxation.
List of Income Tax Return (ITR):
ITR 1:Â For individuals having income from salaries, one house property, other sources (interest etc.) and having total income upto Rs 50 lakh
ITR 2:Â For individuals and HUFs not carrying out business or profession under any proprietorship
ITR 3:Â For individuals and HUFs having income from a proprietary business or profession
ITR 4:Â For presumptive income from business & profession
ITR 5:Â For persons other than, (i) individual, (ii) HUF, (iii) company and (iv) person filing form ITR-7
ITR 6:Â For companies other than companies claiming exemption under section 11
ITR 7:Â For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4E) or 139(4F)
How to file ITR online:
Step 1:Â Log into incometaxindiaefiling.gov.in and go to the e-file option and click on “Prepare and Submit ITR Online”.
Step 2:Â Select the form that applies to you and the assessment year.
Step 3:Â Fill in the details and click the ‘Submit’ button.
Step 4:Â Upload a Digital Signature Certificate (DSC), if applicable so long as it is registered with e-filing. Click on “Submit”.
Step 5:Â On successful submission without DSC, your Income Tax Return Verification Form (ITR-V) would be displayed on the screen. Click on the link and download the ITR-V.
How to verify ITR?
A person can choose either way to verify his/her ITR. One can instantly e-verify the ITR – say, via Aadhaar on the same portal – or paper verify it by sending a signed copy of the ITR-V to the Department’s Centralized Processing Centre (CPC) by post within 120 days from the date of e-filing.
What is the penalty for late filing of ITR?
“The penalty for ITRs furnished on or before December 31 is Rs 5,000, but doubles that amount for later filings. However, if your taxable income is below Rs 5 lakh, the maximum penalty will be Rs 1,000. On the other hand, if the tax evaded exceeds Rs 25 lakh the punishment could be 6 months to 7 years”, as per the website of the Income Tax Department.
Last date to file ITR:
The last date to file income tax return (ITR) varies for different categories of taxpayers. For individuals, Hindu Undivided Families (HUF) and taxpayers whose accounts are not required to be audited, the last date of filing ITR is usually, July 31.
For the financial year (FY) 2018-19, the government has extended the deadline by a month to August 31, 2019.
