Income Tax returns 2018: Here's what happens if you miss the deadline on Aug 31
New Delhi, Aug 30: The last date for filing the annual income tax return (ITR) for the financial year 2018-19 or assessment year 2018-19 was extended by a month to August 31.
However, the IT Department extended the due date for filing income tax return (ITR) by fifteen days for assessees in Kerala.
The Central Board of Direct Taxes (CBDT), which is the apex policymaking body of the Income Tax Department, said the due date of September 15 will be applicable to taxpayers in the state, instead of August 31.
Here's what happens if you still delay filing you ITR:
You will have to pay the penalty
Until the last assessment year (AY), i.e., AY 2017-18 there was no penalty for filing belated income tax returns. However, this penalty is applicable from AY 2018-19. The taxman has stipulated a penalty amount ranging from Rs. 5,000 to Rs. 10,000 for filing of income tax return for assessment year 2018-19 after the due date. The amount of money charged as penalty or fine for a belated ITR increases will be based on the degree of delay
As per the amendments made in the Finance Act 2017, taxpayers are liable to pay penalty of:
Rs 5,000 - if their tax return for the financial year 2017-18 is filed after the return filing deadline (August 31, 2018) but before December 31, 2018.
Rs 10,000 - if the tax return is filed on or after January 1, 2019
Rs 1,000 - if the total income of the taxpayer is less than Rs 5,00,000, the fee amount shall not exceed Rs 1,000
However, if you have filed your return but you want to revise to report any additional income or deductions, you can do that without any penalty.
How to verify the income tax return after submitting it?
The Income Tax Department has also mandated the public to verify the income tax return after submitting it. Income tax assessees can get their ITR submission verified by sending a signed ITR-V form to the Centralized Processing Centre (CPC), Bengaluru. Other than this, the Income Tax Department provides five more ways for verification of an ITR: Aadhaar OTP (One-Time Passcode), bank ATM, bank account, demat account and net banking.
What are the documents required to file the taxes?
You will require basic documents like PAN card, Aadhaar card (not mandatory) and bank account details before filing the returns. Also keep in handy details regarding Income from any source, such as property, salary, a breakup of salary, last year's tax returns, bank statements, TDS (Tax Deducted at Source) certificates and Profit and Loss (P&L) account statement, balance sheet and audit reports, if applicable.
The Income Tax Department had earlier extended the due date for filing of income tax returns from July 31, 2018 to August 31, 2018.