File your I-T return or pay a fine
The final day for submitting your earnings tax return is July 31. (Picture: GettyImages)
- A effective of Rs 5,000 if return filed between August 1 and December 31
- A effective of Rs 10,000 if return filed after December 31
- If earnings is lower than Rs 5 lakh, then the effective is proscribed to Rs 1,000
If you have not filed your income-tax (I-T) return for monetary 12 months 2017-18 but, delaying additional may not be such a good suggestion. The final day for submitting your earnings tax return is July 31. So in the event you do not file your return throughout the due date, the I-T division shall levy a late cost charges as much as Rs 5,000.
Do you must file a return?
If whole earnings exceeds the taxable restrict and you’re a person or HUF (Hindu undivided household) that isn’t topic to an audit requirement, then you need to file your return by July 31. Principally, all non-corporate assesses whose books of accounts should not liable to audit requirement.
Earnings Tax slab charges for Monetary 12 months 2017-18 (Evaluation 12 months 2018-19)
Do you want any paperwork to file your return?
Sure, a number of fundamental ones.
- PAN (everlasting account quantity) offered to you by the I-T division
- Financial institution statements (all banks you maintain account in)
- Funding proofs to assert deductions
- Type 16 (for salaried staff)
- Type 26 AS (a abstract to provide you particulars of TDS deductions made in your behalf)/ TDS certificates
Nonetheless, there isn’t any want to connect these paperwork together with the earnings tax return. As per I-T division, these paperwork must be retained by the involved individual submitting the return, in case the tax authorities need to confirm them.
Additionally Learn: PAN-Aadhaar linking deadline prolonged until March 2019
Which ITR to file?
- When you have wage earnings, home property earnings from a single home or earnings from different sources (like curiosity earnings) and the full doesn’t exceed Rs 50 lakh: ITR 1 (SAHAJ)
- For particular person or HUF with earnings standards apart from talked about above and doesn’t have earnings underneath head enterprise or occupation: ITR 2
What occurs in the event you do not file your return inside due date?
As per part 234F of the Earnings Tax Act, if an assessee fails to file the return throughout the prescribed due date, then she or he is prone to be fined:
- Rs 5,000 if the return is filed earlier than December 31 however after July 31 of the involved monetary 12 months
- Rs 10,000, if filed later than December 31
- If the full earnings doesn’t exceed Rs 5 lakh, then the effective is proscribed to Rs 1,000.
Additionally Learn: Jaitley expects important enhance within the direct tax collections this 12 months