Income tax return: Facts to know

July 26, 2019 |
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Investments
Income tax return: Facts to know

New Delhi: The Central Board of Direct Taxes (CBSE) is now informed that you can file income tax returns for the financial year 2018-19 till August 31. It was originally scheduled to close before July 31st. However, the deadline for employers to file Form 16, which is the source of the tax deduction from the workers' salary, was extended by 25 days to July 10. Due to the delay, many decided not to file their return before the 31st and it was decided to postpone the time. It is mandatory to file income tax returns under the Income Tax Act, 1961. Each individual and firm must file an Income Tax on the basis of various incomes for the fiscal year from April 1 to March 31.

This time, when logging in for e-return, information will be included in advance. It should be checked properly. The Department of Taxation recommends adding the missing. In addition, many tax deductions may be omitted. There is no barrier to filing a tax return after the specified time period.  There is an opportunity to file return till 31st March 2020, marked as 'late submission'. But until then, you have to pay interest on the tax and a penalty for delaying filing the return. If you return before December 31, the fine is Rs 5,000. 10,000 / - thereafter till March 31.

If the total income is less than Rs 5 lakh, the fine does not exceed Rs 1,000. You will be charged a fine and interest even if you do not pay any additional taxes. It does not receive the tax department's interest if it is to receive the return. Income tax exempted from computing tax should also be recorded in this year's return. Various returns are given in the column. You will need to select one of these and record the amount. 

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