Last day to file income tax return: Keep Aadhaar, PAN, bank details ready to prevent last minute hiccup

If you haven't filed your income tax return yet, you have only few hours to do so as the Income Tax Department has ruled out any extension in the deadline.

There may be several questions on your mind if you are just starting out and doing it for the first time. Even if you have filed your income tax returns before, this time could be different as the government has made linking PAN card and Aadhaar mandatory for filing.

Tax payers now have to quote their 12-digit Aadhaar number or the 28-digit Aadhaar enrolment number while filing the income tax return.

Since today is the last date of filing your ITR for financial year 2016-17 or assessment year 2017-18, we suggest you log on to https://incometaxindiaefiling.gov.in and register yourself.
Salaried employees who are eligible to use ITR 1 or ITR 4 form can file their tax return completely online via the income tax e-filing website.

Keep the Form 16, which you got from your employer handy. If you don't have it, get it asap. Download the Form 26AS from the Income Tax e-filing website. Form 26AS is a consolidated tax statement which states tax credit statement of all taxes received by the Income Tax Department against your PAN number. You will need it to tally with your Form 16.

Availability of the detail of bank accounts in which the refund is to be credited is a precondition for direct credit of refund in bank accounts. Refund generated on processing of return of income is currently credited directly to the bank accounts of the tax-payers. Non-residents, who are claiming refund but do not have bank accounts in India may furnish details of one foreign accounts in ITR for issuance of refund.

Bank accounts details

A tax payer is also required to disclose his/her bank account number along with the IFSC code. However, dormant accounts which have been in use for the past three years or more need not to be mentioned.

Mandatory disclosure

According to the Income Tax Department now, tax payers have to disclose information of cash deposited in their bank account aggregating to Rs 2 lakh from November 11 to 30 December, 2016.

Ensure that ITR is compliant with amount deposited in bank accounts during the period of demonetisation

Besides that, if any assessee has any unexplained income or investments, he has to report such unexplained income in the new ITR forms and such amount will be taxable at the tax rate of 60 percent plus surcharge and cess.

Tax deductions

• If you are claiming tax deductions under 80C, you should keep the following details handy:
• Investment details (eg: LIC, PPF, NSC)
• Home loan
• LTA
• Medical

Consequences of Late filing of Return

According to ClearTax, if there are any taxes which are unpaid, penal interest at 1 per cent per month or part thereof will be charged till the date of payment of taxes .Also Penalty of Rs 5,000 may be charged. The penalty is not levied in all cases and depends upon the circumstances of the case.

For returns of FY 2017-18 and onwards, penalty of Rs 5,000 will be charged for returns filed after due date but before 31st December. If returns are filed after 31st December, a penalty of Rs 10,000 shall apply. However, penalty will be Rs 1,000 for those with income upto Rs 5 lakh.
Who has to file?

Every person whose gross total income exceeds the taxable limit must file an Income Tax Return (ITR)

Who has to file?

Every person whose gross total income exceeds the taxable limit must file an Income Tax Return (ITR)

Who has to e-file?

• Individuals & HUF having total income exceeding Rs 5 lakh or claiming any refund in the return (excluding individuals of the age of 80 years or more who are furnishing return in Form no. ITR-1 or ITR-2).
• Individual or HUF, being a resident other than not ordinarily resident, having any foreign asset/income or claiming any foreign tax relief.
• Persons filing ITR in Form no. 3, 4, 5 or 7.