Mumbai, August 30: It came as a huge relief to every taxpayer, as Finance Ministry recently announced that the last date to file your Income Tax Returns (ITR) has been extended to August 31, as compared to the previous date of July 31. In a tweet, the announcement read "Upon consideration of the matter, the Central Board of Direct Taxes (CBDT) extends the ‘Due Date’ for the filing of Income Tax Returns from 31st July 2018 to 31st August 2018 in respect of the said categories of taxpayers."
No tax will be levied for individuals with income less than Rs 2,50,000. Those earning between Rs 2.5 lacs to 5 lacs will have to pay 0-5 percent tax for different age groups while 20 percent tax will be applicable for individuals having an income of Rs 5 lacs to 10 lacs.
There will be no late fee fine till August 31. However, if you file your ITR after the above mentioned date, you will have to pay a fine of Rs 5,000. If you further delay it and don't file it before December 31, 2018, you may have to pay a fine of Rs 10,000. However, if your annual income does not exceed Rs 5 lakh per annum, the fine on late ITR filing will be Rs 1,000.
1. Register Yourself at Income Tax Department’s e-filing portal
2. Quick e-file ITR
3. Select the requisite form
4. Keep your Essential Documents Ready
5. Verify ITR V:
After your ITR is processed, you will be informed about the same via mail and SMS on your registered number. Inspite of the deadline being extended, the returns filed for the last financial year, had more than doubled to nearly 3 crore, and the number of refund cases cleared so far have also shot by over 81 percent to 65 lakh.
(The above story first appeared on LatestLY on Aug 30, 2018 12:45 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).