Income Tax Return filing date extended to October 31; this is what you need to remember

Ministry of Finance on Thursday announced the extension of filing Income Tax Return and Audit Reports by a month for the financial year 2016-17 to October 31.

In a tweet, FinMin said, "Due-date for filing Income Tax Returns & various reports of audit prescribed under the IT Act,1961 has been extended to October 31, 2017."

Due-date for filing Income Tax Returns & various reports of audit prescribed under the IT Act,1961 has been extended to October 31, 2017.

— Ministry of Finance (@FinMinIndia) August 31, 2017

Which means, the taxpayers who were suppose to file ITR and Audit Report by September 30, can now file by October 31. However, the taxpayers will still need to enter their Aadhaar Number. 

How to file?

To file the ITR, two forms which are utmost important are Form 16 and Form 26AS. If you are an employee, your company will provide you with Form 16. However, for Form 26AS, you can download it from Income Tax e-filing official website. 

What needs to keep in mind is that both the forms need to be verified with each other. 

Moreover, the you will have to keep your bank account ready where your refund will be credited as you need to mention it in ITR form. For Non-Residents Indians (NRIs) will have to provide bank details of foreign accounts. 

Also, you need to mention IFSC code and any account which is in use. 

While, you are filing the ITR, do not forget to mention the cash deposit during the demonetisation period. On November 8, when PRime Minister Narendra Modi had announced the ban on Rs 500 and Rs 1000 notes, that time he had mentioned that the taxpayers will have to disclose information on cash deposited during November 8 to December 31, if the amount is Rs 2 lakh or above. 

If the taxpayers failed to file ITR, the fines levied under section 234F for delays in filing income tax return will depend on the time frame of the hold-up. Defaulters will have to pay Rs 5,000 if taxes are paid after the deadline but before December 31. 

Failing to file taxes by December 31 will mean a penalty of Rs 10,000 against the defaulter. However, taxpayers earning not more than Rs 5 lakh annually will have to pay only Rs 1,000 for the delay in filing income tax return.