If you have not filed your income tax return yet, it's time to hurry up.
The last date for filing the ITR for the financial year 2018-19 or assessment year (AY) 2018-19 is August 31.
The only exception for this is Kerala, where the due date has been further extended to September 15 in wake of the severe floods that created havoc in the state. It is mandatory for individuals who earn Rs 2.5 lakh or more of annual income to file the ITR. Filing the ITR after the due date will attract penalties from the income tax department, depending on the degree of delay.
Who all can file income tax returns?
Any person whose annual income exceeds Rs 2,50,000 is liable to pay income tax. The limit is Rs 3,00,000 for senior citizens (over 60 years old, but less than 80 years old) and Rs 5,00,000 for super-senior citizens (over 80 years old).
If you are an Indian resident and have assets or investments outside the country, it is mandatory for you to file returns even if your income is not taxable. Individuals with annual income up to Rs. 2.5 lakh are not liable to pay income tax.
How to file online ITR?
The ITR filing has become largely online and there are two ways to file the form online. One is by manually entering all details and submitting the return online. The other is by uploading XML files through offline methods.
Taxpayers can now file their returns from the comfort of their home by registering on the income tax department website— www.incometaxindiaefiling.gov.in
What happens if you don’t file ITR by August 31?
Until the last assessment year (AY), i.e., AY 2017-18 there was no penalty for filing income tax returns after the deadline. The government inserted a new section into the Income Tax Act namely, Section 234F, as per which, an individual would have to pay a fee of up to Rs 5,000 for filing the ITR between September 1 and December 31, 2018. If the individual files the ITR between January 1, 2019 and March 31, 2019, he/she may have to pay a fine up to Rs 10,000.
How to file a belated ITR?
The process of filing a belated ITR is the same as filing the return on or before the due date. The main difference would be that while filling the ITR form, you would have to select "Return filed under section 139(4)" in the drop-down menu in the relevant box in the form.