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​Know some important rules, if want to file income tax returns yet!

Tuesday - September 3, 2019 2:25 pm , Category : WTN SPECIAL
Income tax returns can be filled with fines
Income tax returns can be filled with fines

Know now how much penalty to have to be paid, if you file income tax return?

SEP 03 (WTN) - As you know that the last date for filing income tax returns for the financial year 2018-19 was 31 August 2019. According to the information, this time a 41 per cent increase has been recorded in ITR return filing. On the last day of filing returns, on August 31, a record 50 lakh people filed online income tax returns (ITR). But if you have forgotten to file your income tax return for any reason, then you do not have to worry.

We say like this, because if you have forgotten to file your income tax return for any reason, you can file a return with a fine. Let us tell you in detail about how much penalty will be levied for filling the income tax return after due dated.

First of all, for your information, let you know that if your annual income is Rs 2.50 lakh or more, then you are required to file income tax return. For senior citizens (between 60 years and 80 years) this limit is Rs 3 lakh, and for senior citizens above 80 years this limit is Rs 5 lakh.

According to Central Board of Direct Taxes i.e. CBDT; Individual income tax payers, jobbers, Hindu undivided families (HUFs) and those who do not have auditing accounts, were required to file returns for taxable income by 31 August 2019. On the other hand, if taxpayers have not filed ITR till the last date, then there is a provision for penalty.

According to the information received from the Income Tax Department, if you file income tax returns from 31 August 2019 till 31 December 2019, then those whose income is less than Rs 5 lakh will have to pay a fine of Rs 1,000. At the same time, those whose income is more than Rs 5 lakh, they will have to pay a fine of Rs 5,000 for filing income tax returns in this period. On the other hand, if any taxpayers file income tax returns from 1 January 2020 to 30 March 2020, they will incur a fine of Rs 10,000.

At the same time, September 30 is the last date for filing income tax returns for companies, working partners of the firm, personal or other entities whose accounts require auditing. At the same time, for those assess who have to report under section 92E, the last date of income tax return filing is 30 November.

For this, the Income Tax Department has introduced a special facility for tax payers, so that the tax payers do not have to face any kind of problem. The Income Tax Department claims that through this facility, the taxpayer can file income tax returns in just 7 minutes. For this, taxpayers can now file returns through e-filing. This service has started on the official portal of the Income Tax Department https://www.incometaxindiaefiling.gov.in. It has been named the 'e-filing Lite' feature.

If you are filing income tax return online, then for your information, let you know that after filling the income tax return form, the taxpayer has to certify the filled form. If the taxpayer has not certified the form, it is not considered valid according to the rules of income tax. For your information, let you know that after filling the income tax return, taxpayers can get it verified through Aadhaar OTP. But for this, the taxpayer's mobile number should be linked to the Aadhaar card.

An OTP received by the taxpayer on the taxpayer's mobile number to authenticate the income tax return filed online. After putting this OTP on the website of the Income Tax Department, the taxpayer's income tax return is certified. Taxpayers can also certify ITR through bank ATMs, bank accounts, demat accounts and net banking.

On the other hand, if you want to file income tax return, but you do not have PAN number, then you do not have to worry anymore. As per the notification issued by the Central Board of Direct Taxes (CBDT) on 30 August, if a person files a return using Aadhaar number and does not have a PAN number, it will be presumed that he has applied for the issuance of PAN card.

After filling the return using Aadhaar number, he will not need to provide any other document for issuing PAN card. This new rule of CBDT has come into effect from September 1. The CBDT has stated in its notification that the Income Tax Department will collect other demographic information of the person related to Aadhaar card for allotment of PAN number. We advise you that if your income is taxable and you have not yet filed your income tax return, then you should fill it with penalty as soon as possible.