Important news, if you fill ITR
Thursday - April 26, 2018 12:01 pm ,
Category : WTN SPECIAL
If you fill income tax, then this news is for your work. As you know, the last date for filing income tax returns is July 31. But the form issued by the Income Tax Department for filing returns is quite different in itself. Along with the income tax form, there have been changes in many rules. There is a provision of penalties up to a maximum of Rs 10,000 for not filling income tax return from this year.
According to the rules, if you file your ITR after Due Date and before 31 December 2018, then you have to pay a fine of Rs 5,000. If you file an ITR after December 31, 2018, you will have to pay a fine of Rs 10,000, this penalty is in the condition that your annual income is more than Rs 5 lakhs. But, if your salary income is less than Rs. 5 lakhs, then the maximum penalty you pay have to pay is Rs. 1,000.
This time a new provision has been made in the income tax form for salaried. Now people in the profession will have to give their salary breakup when filling an income tax return. At the same time traders have to give GST number and turnover information when filling returns. So far the details were filled in only Form 16 and the need for disclosure was never encountered.
There has been a major change in the form issued for the year 2018-19 that you will no longer be required to furnish the details of cash deposits during the demonetization. Not only that, you will also have to give a complete breakup of your income through real estate.
According to the rules, if you file your ITR after Due Date and before 31 December 2018, then you have to pay a fine of Rs 5,000. If you file an ITR after December 31, 2018, you will have to pay a fine of Rs 10,000, this penalty is in the condition that your annual income is more than Rs 5 lakhs. But, if your salary income is less than Rs. 5 lakhs, then the maximum penalty you pay have to pay is Rs. 1,000.
This time a new provision has been made in the income tax form for salaried. Now people in the profession will have to give their salary breakup when filling an income tax return. At the same time traders have to give GST number and turnover information when filling returns. So far the details were filled in only Form 16 and the need for disclosure was never encountered.
There has been a major change in the form issued for the year 2018-19 that you will no longer be required to furnish the details of cash deposits during the demonetization. Not only that, you will also have to give a complete breakup of your income through real estate.
