Income Tax Return (ITR) 2017-18 Filing: Last Day Today, Delay to Invite Heavy Penalty; Know How to File

New Delhi, August 30: The last day for filing Income Tax returns for taxpayers is today, i.e. August 31. As the deadline will end in a few hours, taxpayers are advised to file their IT returns as early as possible as last minute would create confusion. Taxpayers will have to quote their 12-digit Aadhaar number or the 28-digit Aadhaar enrolment number while filing the income tax return. If a taxpayer files ITR after the due date, which is August 31, 2018, he/she will have to pay heavy penalties. It must be noted that no tax will be levied for individuals with income less than Rs 2,50,000.

Individuals, 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 lacks. As per details by the department's website - incometaxindia.gov.in, the penalties would range from Rs. 5,000 to Rs. 10,000 depending on the degree of delay. It must be noted that the due date for the filing income tax return (ITR) for assessees in Kerala has been extended to September 15 on account of devastating floods.

According to financial experts, filing an ITR other than legitimising one's earnings helps to claim a refund. The documents required to file ITR include PAN card, bank account details, Form 16, Form 26AS and proof of investments. The salaried class must have received Form 16 by their respective employers. Form 16 has all the details regarding your salary and taxes deducted on it.

In July, the government had extended the last date for filing income tax returns for the assessment year 2018-19 by a month to August 31. The new income tax return forms were notified early in April and taxpayers (whose accounts are not liable for audit) were allowed to e-file their ITRs till July 31 . Upon consideration of the matter, the Central Board of Direct Taxes (CBDT) extends the due date' for the filing of Income Tax Returns from July 31, 2018 to August 31, 2018, in respect of the said categories of taxpayers, a Finance Ministry statement said.

According to a report by IANS, the categories for which the deadline has been extended are (1) assessees other than corporate-assessees, (2) non-corporate assessees whose books of accounts are required to be audited, (3) working partner of a firm whose accounts are required to be audited and (4) assessees who are required to furnish a report under section 92E (International transactions).

Even in 2017, the deadline was extended till August 5 in the wake of difficulties faced by taxpayers owing to the high traffic in the income tax website. As per official data, the total number of all returns (electronic + paper) filed during the financial year 2016-17 was 5.43 crore, 17.3 per cent more than the returns filed during the 2015-16 fiscal.

(The above story first appeared on LatestLY on Aug 31, 2018 11:22 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).