To avoid last moment rush, it is rightly advised by the experts to file the Income Tax Return (ITR) before the last date. The deadline for filing the ITR is July 31 and after that, penalty of Rs 5,000 will be imposed while if the person is late even after December 31, the penalty goes for about Rs 10,000. So, Before filling an ITR this year, one must be aware of the new changes in the tax rules.
For the financial year 2018-19, the income slab between Rs 2.5 lakh to Rs 5 lakh has been reduced from 10 percent to 5 percent. Other than that, if a person owns more than one property and claim tax benefits on the home loan interest paid will also bear the pinch this year.
For filing the ITR online, tax payer will have to registered on official e-filing website, www.incometaxindiaefiling.gov.in.
The user ID will be your PAN no. or permanent account number and after the submission keep all the documents handy including Form 16, Form 26AS, bank statements, capital gains statement from mutual funds and brokers.
Use the downloaded software application for the return, be prepared with the personal details and tax payments/TDS by clicking pre-fill button.
Be on the safer side by ensuring if nothing is not left out. Click on calculate option to compute the tax and interest liability and final figure of refund payable.For filing the ITR, go to the e-filing website, click on ‘e-file’ and then on ‘upload return’. Select the relevant ITR, assessment year and XML file saved.
The physical verification of the submission of the form is also important. For that, send the printed ITR form to the IT department in Bengaluru within 120 days of e-filing and final an acknowledgement from the IT department will complete the process.