Have not filed your Income Tax Returns for the financial year 2018-19 yet? Time to hurry up as the deadline is 31 July 2019.
All registered taxpayers must file ITR every year.
Who should file Income Tax Returns
The government mandates that individuals who earn an annual income of over Rs 2,50,000 must file a tax return before the deadline of 31 July.
If you want to file ITR though you earn less than the prescribed level of income, you can do so voluntarily.
Documents required for filing ITR
c) Bank account details
d) Form 16 (It is a certificate issued by an employer which has all the details of how much tax the employer deducted from the salary of the employee and when it was submitted to the Income Tax Department)
e) Investments details
How to file ITR
1) Login with all the documents (mentioned above) required for ITR
2) Enter your personal information
3) Enter your salary details
4) Enter details for claiming deduction
5) Enter details of taxes paid
6) e-File your ITR
What are the various ITR forms?
For individuals having total income from salaries, house/property, other sources up to Rs 50 lakh; and agricultural income up to Rs 5,000
For individuals and Hindu Undivided Family (HUFs) not having income from profits and gains of business or profession
For individuals and HUFs having income from profits and gains of business or profession. If the turnover of the business mentioned exceeds Rs 2 crores, the taxpayer will have to file ITR-3.
For those taxpayers, who have opted for the presumptive income scheme as per Section 44AD, Section 44ADA and Section 44AE of the Income Tax Act.
For firms, LLPs, AOPs (Association of persons) and BOIs (Body of Individuals), Artificial Juridical Person (AJP), Estate of deceased, Estate of insolvent, Business trust and investment fund
For Companies other than companies claiming an exemption under section 11 must furnish their income tax return in ITR-6 Form. Companies claiming an exemption under section 11 are those whose income from the property is held for charitable or religious purposes.
For persons including companies under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) only
What happens if you file your ITR late?
You will have to pay a late fee of Rs 5,000 and Rs 10,000 if ITR is not filed by 31 July.
What happens if you do not file your ITR?
You may face a jail term from three months to two years for not filing your ITR. If the income tax dues are over Rs 25 lakh, you could end up with a jail term of up to 7 years.
Updated Date: Jul 16, 2019 15:45:04 IST