Last Minute Things To Do Before Filing Income Tax Returns

Those who missed filing the income tax return for the fiscals 2016 and 2017 are eligible to file the belated returns before March 31

Your Money | | Updated: March 23, 2018 20:39 IST
Last Minute Things To Do Before Filing Income Tax Returns

Even if you paid the income tax, you should file the I-T return

Although the deadline for income tax (I-T) return filing is July 31 for the previous year, there may be cases wherein some tax payers missed filing their income tax (I-T) returns. In such cases, they are eligible to file the belated income tax returns by March 31 of this year. This means that they still have one more week to do so. Those who missed filing the income tax returns for the financial years (FY) 2015-16 and 2016-17 are eligible to file the belated returns by the end of this month. The financial years 2015-16 and 2016-17 are also known as assessment years 2016-17 and 2017-18, respectively, in the income tax parlance.
  1. It must be noted that even if you paid the income tax of these financial years, nothing should stop you from filing the returns. You can file your income tax return on the department's official website, which is https://incometaxindiaefiling.gov.in/home. (Also Read: Advance Income Tax Payment For FY18: Last Date, Details, Mode Of Payment)
  2. The system will ask you mention the details of user ID, password. Following this, you will be made to enter the captcha code after which you can upload the details pertaining to your income as well as the bank accounts you operate. (Also Read: Revised Income Tax Returns To Be Filed By March 31 - Details, Features Of Permanent Account Number)
  3. As per the Income Tax (I-T) Act, following persons are meant to mandatorily file the income tax return. A) All companies/partnerships and LLPs B. Trusts, associations and political parties. C. Individuals and HUFs who have annual income of more than Rs 2.5 lakh. (Also Read: Things You Should Know Before Filing Your Income Tax Returns)
  4. The income tax department warns that in case you have deposited high amounts in your bank or carried out high value transactions then you must consider those while filing your income tax return. For instance, in case you have filed the income tax return of Rs 5 lakh, while you also received Rs 10 lakh in your bank as rental income during the financial year then you must account for the same while paying your tax and filing the return. (Also Read: How To File Income Tax Returns In Three Steps By March 31, 2018)
  5. The department also warns that non-filing of return or incorrect filing of return is violation of law and hence, it may result in prosecution or penalty by the income tax department as per the law.


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