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File the ITR before the due may, otherwise you have to pay fine of Rs 5,000

Thursday - July 25, 2019 4:22 pm , Category : OPINION & INTERVIEW
The last date for filing the income tax return extends to August 31
The last date for filing the income tax return extends to August 31

Do not wait for the last date, file the ITR soon

JULY 25 (WTN) - If you have not filled the income tax yet, and you are worried about this; please tell your information that the last date for filing the income tax return has increased from 31st July to 31st August 2019. But, we advise you to fill the income tax return at the earliest; otherwise you may have to face difficulties as long as you do late. However, the last date for filing the income tax return has been extended August 31 from July 31, and so you will not pay the penalty of five thousand rupees for not filing returns before 31 July.

First of all, for your information, let you know that according to the new rules of the Income Tax Department, if your annual income is Rs 2.5 lakh or more than this, then it is important to fill in an income tax return. While filing an ITR, if the income of a person is more than Rs 2.5 lakh and up to Rs 5 lakh, then under section 87A is applicable and he is exempted from income tax. But, if your income is Rs 2.5 lakh rupees or more and you do not file an ITR, then the Income Tax Department can send you a notice or you can also pay a penalty.

If you do not fill the income tax return on time, you may be fined. If you file an ITR between 1 September and 31 December after the last date of filing of ITR, then you will have to pay a fine of 5,000 rupees. If you file an income tax return between January 1 and March 31, 2020 , then you may have to repay 10,000 rupees as a fine.

However, CBDT's decision to extend the date of filing of income tax return for one month has helped many people to get relief. That's why, because some people were getting different kinds of problems in filing income tax returns. Many people had said that they could not get Form 16 to fill the ITR. In such a situation, they appealed to CBDT to extend the last date of filing an income tax return. Apart from the people, many institutions had also demanded to extend the last date for filing ITR from the CBDT.

In fact, for your information, let you know the sooner you file the ITR; the process of claim refund will start from the income tax department as soon as possible. If you think that your income tax refund is sure, then file an ITR as soon as possible, because if you are having difficulty in filing an ITR, you can take it away while you are in time.

If your income tax return is filled by any other, then we advise you not to wait for the last week of August to file the ITR, because if you wait for the last time and you do not have the necessary documents to fill the ITR, then you may have to face difficulties. If you can’t file an ITR till the last date, then you may have to pay a fine of 5,000 rupees.

It is not a difficult task to fill in an income tax return, you can fill it yourself if you wish. To fill up the Income Tax return, you will need some required documents along with Form 16 (if you have a job), PAN card, interest details of the bank, receipt of income from rental, certificate of tax exemption, whose with help you can easily file an ITR. For your information, let you know that this return is being filled for the financial year 2018-19.So we advise you to file your ITR as soon as possible and be assured.