Income Tax Return (ITR) filing: If ITR filed after July 31, you may end up paying Rs 5000 penalty; find out more
On the official website, the IT department stated that, file before due date and avoid paying late fee upto Rs 5000.
As the deadline nears for Income Tax Return (ITR) filing on July 31, the Income Tax Department has been issuing advertisement guiding taxpayers over their ITR filing on multiple occasion. In latest move, the department has now issued a warning to taxpayers who will to fail to file their ITR before the scheduled deadline. The Income-Tax department has opened an e-filing window for income tax return (ITR) for assessment year 2018-19 on its website for salaried employees.
While some try to still get cracking and follow proper procedures for filing ITR, either online or taking help of Chartered Accountants (CAs), some simply get frustrated by the fact that it requires them to recall and keep track of what they spent their money on or saved. Thus this may result in laziness and in the process ITR does not get filed - some forget it for years. Other reasons can also be that an individual may simply not have the time to devote to this even as they have to focus on their daily jobs, and not filing ITR for nearly 2 years or more can be a possibility among all.
On the official website, the IT department stated that, file before due date and avoid paying late fee upto Rs 5000.
The department has emphasized on the word Hurry in regards to filing ITR before deadline, as last minute filing can lead to various problems or errors.
www.incometaxindia.gov.in. The last date for filing the ITR is July 31.
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