Income Tax Return filing deadline for AY 2019-20 inching closer; check these facts

As the last day to file income tax returns (ITR) for the assessment year 2019-20 (financial year 2018-19) is August 31, 2019, all the eligible taxpayers should gear up to file their return before the deadline to avoid penalties and late charges levied by the Income Tax Department. The income tax (I-T) department has also cautioned the income taxpayers to file their income tax returns as soon as possible to avoid the last-minute rush. 

Notably, for different types of taxpayers, including salaried or self-employed individuals and companies, the I-T department provides various forms to file their ITR. These forms are known as ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6, ITR-7 and ITR-V (verification), according to incometaxindia.gov.in. 

The extension of the ITR filing date by a month has been done to facilitate those who have not received necessary documents from their employers. The Income Tax Department may penalise the taxpayers who will fail to file their returns by the given deadline. 

According to prevailing rules, a maximum penalty of Rs 10,000 is levied on taxpayers who delay the ITR beyond the due date. The monetary penalty of Rs 5,000 is applicable on the taxpayers filing the ITR after the due date up to December 31, 2019, while the penalty escalates to Rs 10,000 if they fail to do so beyond December 31, 2019. 

For income taxpayers, here are key facts that they should know while filing their ITR:

1. Individuals are required to register on the Income Tax Department's e-filing portal - incometaxindiaefiling.gov.in - using their Permanent Account Number (PAN). The government in the recent Budget has announced "interchangeability of PAN and Aadhaar", therefore, those who do not have PAN can file their returns quoting their Aadhaar number. 

2. After filing your return, you are required to verify returns. I-T Department offers five ways for verification of an ITR that include net banking, bank ATM, Aadhaar OTP, bank account and demat account, according to the e-filing portal. 

3. For assessment year 2019-20, taxpayers are required to file their ITR electronically except super senior citizens (above 80 years). The latter can furnish their returns in a physical mode either using Form ITR-1 or ITR-4.

4. You can file the income tax return after August 31 deadline, but you will have to pay a penalty of up to Rs 10,000. 

5. After e-filing, you should find information on the status of your submission through the Income Tax Department's portal. 

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In July 2019, the Central Board of Direct Taxes (CBDT) extended the ITR filing deadline by a month to August 30, 2019, from its earlier due date of July 31, 2019.