ITR Filing Date Extended To 31 Aug, Know How To File Returns

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ITR Filing Date Extended To 31 Aug, Know How To
File Returns
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The date for filing ITR in India has extended for
FY 2018-19 to August 31, 2019, from July 31,
2019. It is a much-needed relief for the
taxpayers as they were facing multiple problems
in filing returns by July 31. The earlier
deadline was for individuals and HUFs. It is that
category who are not mandatory required to get
their accounts audited for tax purposes. Many
CAs and tax practitioner societies have appealed
to expend the date to provide sufficient time to
taxpayers to file ITR. Additionally, the ITR form
1 has also been simplified to make it easier for
salaried employees to file returns online.
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In case the taxpayer fails to file ITR before the
last date, he will have to pay a late filing fee
of Rs. 5,000. Notably, this is applicable only if
the ITR is filed before December 31. However, if
the ITR is filed after December 31 but before
March 31, the late penalty of Rs. 10,000 will be
levied. Now with the extension of the deadline,
the taxpayers will not have to worry about the
fees for late filing. How to File ITR? The
following is the step-by-step guide to file ITR
in India Step 1 Collect Required
Documents The first step is to collect the
required documents to file ITR, such as Form 16,
interest certificates, and salary slips. The
documents will help in computing the gross
taxable income and details of tax deducted at
source (TDS). ITR Form 16 is a TDS certificate
that is provided by the employer. Step 2
Download Check 26AS Form 26As is the tax
passbook that consists of all the details of the
tax deducted from the taxpayers income during
the financial year 2018-19. The taxpayer needs to
check his TDS certificates with Form 26AS to make
sure that all the tax deducted is deposited with
the government. It can be easily downloaded from
TRACES website.
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Step 3 Rectify Errors If the amounts shown in
TDS certificate and Form 26AS dont match, then
the taxpayer needs to get the errors rectified.
He can ask the employer, bank, or any other
deductor to correct the details. If the errors
are not rectified on time, then the taxpayer will
face difficulties in claiming the credit on
tax. Step 4 Compute Total Income After
collecting all the documents, compute the total
income chargeable to tax. All the required
information can be easily found in Form 16. Step
5 Compute Tax Liability Now compute total tax
liability by applying the tax rates 2019 as per
the income slab. It is worth mentioning that the
tax slabs have remained unchanged for the current
financial year. Step 6 Calculate Final Tax
Payable After computing the tax liability,
deduct the already paid tax through TDS or TCS.
Add interest, if applicable. It will help in
computing the final payable tax. All individuals
can pay additional taxes via cheque or online.
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Step 7 File ITR Next, start the process to file
ITR. In case the taxpayer wants to claim the
refund, he can do so by filing ITR. Ensure the
correct ITR form is used as in case of the wrong
form, it will be termed as defective return. The
taxpayer will have to file the return
again. Step 8 Verification of ITR The last
step is to verify the process. There are six ways
to verify it, out of which five are electronic,
and one is physical verification. Notably, the
applicant can verify ITR only within 120 days.
The taxpayer can also request the assessing
officer to verify it.
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