Income Tax Return – ITR filing For FY 2017-18, Assessment Year 2018-19; Deadline July 31

Income Tax Return – ITR filing For FY 2017-18, Assessment Year 2018-19; Deadline July 31

The last day for Income Tax Return (ITR) filing is July 31, 2018. Tax payers are advised not to wait for E filing return at last minute.

 

The tax payer can file the ITR online to get the return amount faster than ever. Income tax return can be filed through portal, incometaxindiaefiling.gov.in

Delay in filing ITR may get penalty of Rs 5,000. Tax payer must keep the important documents like Form 16, PAN, Aadhar, Bank account statement, Investments documents etc. while filing.

Money control CEO, C.S. Sudheer said, “There’s another reason why you need file ITR before July 31, 2018. As per the new tax law, there is a penalty of Rs 5,000 if the return is filed after July 31. After 31 Dec, the penalty is Rs 10,000.”

Below are the steps to file Income tax return online.

1. Login to the income tax e-filing portal – incometaxindiaefiling.gov.in

2. Fill the relevant ITR form and choose the financial year.

3. Download the requires ITR form.

4. Open excel utility and fill up the form(form 16 requires at this stage).

5. Click on calculate tax to check the tax payable amount and then click on validate tab.

6. Generate XML file and save. Upload the saved XML file on upload return on portal’s panel.

7. Popup window will open to sign the file digitally.

8. E-verify and submit the income tax return through generating Aadhar OTP(one time password).

The Income tax filing can also be done offline. The assessee need to send the hard copy of the ITR-V to CPC, Banglaluru.

Income is subcategorised into five heads:

1. Income from salary.

2. Income from capital gain.

3. Income from house property.

4. Income from profession and business.

5. Income from other sources.

CEO,Sudheer said, “If your employer has a deducted TDS he has to furnish the form 16. You need the form 16 when filing ITR. You can still file ITR without form 16, but it’s great if you have it.”

He also said, “Short term capital gains are not subject to TDS and you have to calculate by yourself. You can download the capital gains statements from individual mutual fund houses and add them up to calculate short term capital gains.”

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