Deadline For Filing Income Tax (I-T) Return Just One Week Away. 10 Things To Know

Although the deadline for filing income tax (I-T) return is July 31 in the assessment year for the preceding year, there could be stray cases wherein tax payers skipped filing their income tax (I-T) returns within the stipulated time. In such cases, they are eligible to file the belated income tax returns by March 31 of this year. This implies that he tax payers still have one more week to file their returns. Those who missed filing their tax returns for the financial years (FY) 2015-16 and 2016-17 are eligible to file the belated returns before April 1, 2018. 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.

Filing Belated Income Tax Return By March 31, 2018. Ten Things To Know

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.

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.

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.

4: For senior citizens, the threshold for filing income tax (I-T) return is Rs 3 lakh instead of Rs 2.5 lakh for those under the age of 60.

5. Those who are above the age of 80 years need to file an income tax (I-T) return only when their income is above Rs 5 lakh per annum. (Also Read: Revised Income Tax Returns To Be Filed By March 31: Details, Features Of Permanent Account Number)

6. 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.

7. 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.

8. In order to assuage the tax payers' worries, the tax department says that the tax payers should not refrain from filing the income tax return for fear of coming under scrutiny. The department says that less than one percent of the tax payers are put under scrutiny. The scrutiny is a close examination of income tax return wherein a tax payer is given an opportunity to validate the income declared in relation to the expenses, deductions, losses, exemptions claimed in the return. (Also Read: How To File Income Tax Returns In Three Steps By March 31, 2018)

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9. The cases that are shortlisted for scrutiny are done so electronically without any human interface.

10. The individuals who are entitled to use the simplest form for filing of income tax return, known as Sahaj, include the following. Those who have their main source of income in form of salary or pension income or income from house property (not a case of brought forward loss) or income from other sources (not being lottery winnings and income from race horses), among others.