New Delhi, July 24: The deadline for filing income tax returns for financial year 2018-19 has been extended by a month till August 31, the government said on Tuesday. Earlier, individuals, including salaried taxpayers, and entities were required to file their income tax returns for fiscal 2018-19 (Assessment Year 2019-20) by July 31, 2019. "The Central Board of Direct Taxes (CBDT) extends the 'due date' for filing of Income Tax Returns from July 31, 2019 to August 31, 2019 in respect of the said categories of taxpayers," the finance ministry said in a statement. How to File Income Tax Returns Online at incometaxindiaefiling.gov.in.
Taxpayers are required to keep their documents handy before they begin to file the Income Tax Returns (ITR). It is very important to keep important documents like Aadhaar Card, PAN Card, Bank details and other investment related documents ready to avoid last-minute hassle.
Step by Step Guide to File Income Tax Returns 2018-19:
Step 1: Visit the official website -www.incometaxindiaefiling.gov.in and then click on "Filing of Income Tax Return" tab on the left-hand side menu.
Step 2: Individuals need to fill the required details in a new tab that will open for login. Your PAN card will be your user ID.
Step 3: Select the assessment year as 2019-20, then select ITR-1. In the "Submission Mode" drop-down menu select "Upload XML" option. Taxpayers will have to select whether he/she wants to verify the return through Aadhaar card or through your account number, and then press continue.
Step 4: Taxpayers need to download the ITR-1 preparation software for the assessment year 2019-20 on their computer system from the "Downloads" page of e-filing website. Prepare the ITR using the downloaded software.
Step 5: Click on 'Pre-fill' button to fill the personal details and tax payments/TDS. After entering the data click on 'Calculate' to know if you are getting a refund or you need to pay the tax.
Step 6: Generate and save the Income Tax Return data in XML format. Upload the filled in ITR XML file which you have saved and enter the OTP received on your registered mobile number. Select "I agree to validate my Aadhaar details with UIDAI" and then submit.
Step 7: Once you submit your IT return, the ITR-V would be displayed on the screen. Click on the link to download the ITR-V. The individual will also receive ITR-V on your registered email.
It must be noted that taxpayers need to upload Digital Signature Certificate (DSC) with the ITR to complete the process successfully. In case, the return is not uploaded with DSC, you need to print the ITR-V Form which has to be submitted to Central Processing Centre (CPC) within 120 days from the date of e-Filing. ITR Filing Last Date: Deadline For Filing Income Tax Return For FY 2018-19 Extended Till August 31.
In June, the Income tax department had extended the deadline for employers to issue Form 16 TDS certificate for financial year 2018-19 to its employees by 25 days till July 10.
This year, the government has set a target of adding 1.3 crore income tax filers in the current financial year against 1.1 crore new filers last year, reports said. In the Assessment Year (AY) 2018-19, there were 8.44 crore taxpayers. This included persons who filed a return of income for Assessment Year 2018-19 as well as persons who did not file a return of income but in whose case tax has been deducted at source during Financial Year 2017-18.
(The above story first appeared on LatestLY on Jul 24, 2019 01:42 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).