How To File Income Tax Returns In Three Steps By March 31, 2018

NDTV Profit Team

21 Mar 2018, 07:53 AM IST

Non-filing or incorrect filing of income tax returns may result in penalty and prosecution.

The income tax department has been reminding tax payers to file their belated income tax returns by March 31. There are three easy steps in which you can file your belated income tax returns for assessment years 2016-17 and 2017-18. The revised income tax returns for assessment year 2016-17 with interest, if any for late filing, cannot be filed after March 31, said the income tax department on its Twitter handle, @incometaxindia. Tax payers are also required to quote their permanent account number (PAN) when filing income tax returns.

(Also Read: Details Of 5-Year Tax-Saving Fixed Deposits (FD) Of SBI, HDFC Bank, ICICI Bank, Axis Bank)

How to file income tax returns:
1. Register on e-filing portal - www.incometaxindiafiling.gov.in using your PAN card.

2. File your income tax returns in online/offline mode.

(Also Read: Advance Income Tax Payment For FY18: Last Date, Details, Mode Of Payment)

3. Verify the uploaded income tax returns using electronic verification code (EVC) or Aadhaar OTP or digital signature certificate

(Also Read: Income Tax Returns (ITR) Filing: 10 Things To Know)

Who is mandatorily required to file income tax returns?
All companies, partnership firms, LLPs.

pic.twitter.com/VObVUELost â Income Tax India (@IncomeTaxIndia) March 16, 2018

Trusts, associations, political parties (whose income prior to claim of exemptions exceeds the minimum chargeable to tax).

Individuals and hindu undivided families (HUF) having income more than Rs 2.5 lakh [for senior
citizens Rs 3 lakh (age 60 years to 80 years) and Rs 5 lakh (age 80 years or more)].

(Also Read: SBI Tax Savings Scheme Offers Deduction On Deposits Up To Rs. 1,50,000. Details Here)

Taxpayers who deposited large amounts of cash in their bank accounts or made high-value transactions must consider the same while filing income tax returns. Non-filing or incorrect filing of income tax returns may result in penalty and prosecution.

The income tax department also earlier cautioned that income tax payers should not resort to last minute rush and must file their income tax returns as soon as possible.