The deadline for filing tax returns has been extended for five days till August 5, the I-T department announced. The decision was taken due to "difficulties faced by taxpayers", it said on Twitter.
This comes one day after a top official ruled out any extension this time.
Returns filing has been harder this time due to mandatory Aadhaar-PAN linking, relevant post-demonetization declarations and more.
How should you e-file your income tax return?
Know the steps
Register yourself here by providing your PAN.
Next, choose how you want to e-file your income tax return. Either download, fill it offline and upload it back on the site or fill it by selecting the quick e-file option.
Select the requisite form: ITR-1, ITR-2, ITR 2A, ITR 3, 4 and 4S.
Fill the form and upload. Once done, verify ITR V.
Keep all your documents handy while filing income tax return
Collect all your required documents and keep them handy. They include your PAN, Form 16, interest statements, TDS certificates, details of investments, insurance, and home loans. Also download Form 26AS, which summarizes the tax paid against your PAN.
Know all about Form 16
Form 16 is an important piece of document which summarizes the total amount paid to the employee and the TDS on it.
It shows the amount of salary one has received, the deduction an employee has availed and the tax which has been deducted by the employer during the financial year.
Missed the deadline? Know your losses
Claiming refunds on advance taxes paid or on tax deducted at source will make you lose the interest payable to you by the I-T department on the said amount.
Delay in filing the ITR even by a day means loss of four-month interest.
Your losses will not be carried forward if you don't file your return in time.
No penalty for delayed filing of ITR
Taxpayers, however, need to know that there is no penalty for delayed filing this year. Proposed penalty on the delayed filing of income tax return kicks in from next year.
NewsBytes - Roma Das ·
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