Hurry up 4 days left! File your ITR with late of Rs 10,000, says IT department - here’s how to do it

The Income Tax Department on its website has released an alert, where it is asking taxpayers to file their Income Tax Return (ITR) for assessment year 2018-19 which is fiscal FY18 by March 2019 end. However, considering ITR filing for FY18 deadline has already passed, the department has guided taxpayers to do so by March end, with a late fee of Rs 10,000. Last date for filing  ITR of FY18 was set on August 31, 2018. Every taxpayer is allowed to file their ITR, where they have to show their gains received from income and other sources. ITR helps a person to reduce their overall taxes paid in a year, as they work as a refund module. There are seven ITR forms namely ITR1, ITR2, ITR3, ITR4, ITR5, ITR6 and ITR7 which a taxpayer needs to file. Each form is different from others and is needed to be file specific taxpayers only. 

IT-department in the alert says, “You can file your ITR for A.Y 2018-19 (F.Y 2017-18) by March 31, 2019, with a late fee of Rs 10,000 if you have not filed yet.”

Under IT Act there is a section called as 234F which takes care of fees for default in furnishing return of income. “Without prejudice to the provisions of this Act, where a person required to furnish a return of income under section 139, fails to do so within the time prescribed in sub-section (1) of said section, he shall pay, by way of fee,” it said.

However, there are two patterns of late fee in this section. The section says that a taxpayer will have to pay late fee of Rs 5,000 if the return is not furnished on or before December 31 of the assessment year and Rs 10,000 after that. On the other hand, the section also states that if a taxpayer’s income is below Rs 5 lakh, then they will have to pay penalty of Rs 1,000 only.

For example - If your gross annual income is above Rs 5 lakh, and you have surpassed the deadline August 31,2018, for filing ITR. Then you will have to pay late fee of Rs 5,000, if you have filed your ITR between September 2018 to December 2018. If you still have not filed your ITR, then you will have to pay a late fee of Rs 10,000 between January 2019 to March 2019 deadline. 

In case your annual income is below Rs 5 lakh, then you will have to pay only Rs 1,000 late fee, for filing your ITR between September 2018 to March 2019. 

Who should file ITR?

All companies, firms LLPs, Trusts, Associates and Political Parties whose income prior to claim of exemptions exceeds the minimum chargeable to tax.

 Individual & HUF having income more than Rs 2.5 lakh. For senior citizen between age group of 60 to 80 years, the taxable income criteria is above Rs 3 lakh. While for senior citizens above age of 80 years, the taxable income is above Rs 5 lakh. 

Here’s how you can file ITR:

Step 1: First register yourself at e-filing portal www.incometaxindiaefiling.gov.in, using your Permanent Account Number (PAN). 

Step 2: Download the ITR preparation software for the relevant assessment year to your PC / Laptop from the "Downloads" page.

Step 3: Prepare the Return using the downloaded Software.

Gather all the information regarding your income, tax payments, deductions etc.Pre-populate the personal details and tax payments/TDS by clicking on the 'Pre-fill' button. Compare with the information you have to ensure that nothing is left out.

Enter all data and click on 'Calculate' to compute the tax and interest liability and final figure of Refund or Tax payable. If Tax is payable- remember to pay immediately and enter the details in appropriate schedule. 

 Step 4: Login to e-Filing website with User ID, Password, Date of Birth /Date of Incorporation and enter the Captcha code.

Step 5: Go to e-File and click on "Upload Return".

Step 6: Select the appropriate ITR, Assessment Year and XML file previously saved in Step 2 (using browse button).

Step 7: Upload Digital Signature Certificate (DSC), if applicable.

Step 8: Click on "Submit" button.

Step 9: On successful submission, ITR-V would be displayed (if DSC is not used). Click on the link and download the ITR-V. ITR-V will also be sent to the registered email. If ITR is uploaded with DSC, the Return Filing process is complete. 

However, before filing your ITR, you must note few key important factors. The department states that non-filing or incorrect filing of ITR may result in penalty and prosecution. It firmly mentioned that, ITR cannot be filed after March 31, 2019. While if filed then refund amount will be credited in your bank accordingly. 

Hence, hurry up there are only four days left now for March 31 deadline to end. Make sure you have filed your ITR if you do not further charges and prosecutions against you.