July 31, 2019, is not the last date to file income tax return (ITR) for assessment year 2019-20 (financial year 2018-19). Last week itself, the Central Board of Direct Taxes (CBDT) extended the ITR filing deadline to August 31, 2019, from the previous ITR filing deadline of July 31, 2019. It was reported that some of the taxpayers were facing difficulties in filing their ITR due to various reasons including extension of due date for issue of Form 16 for assessment year 2019-20, according to a notification issued by the Income Tax Department.
Given below are key things to know about filing Income Tax Return (ITR) for assessment year 2019-20:
The CBDT extended the deadline for filing ITR from July 31 to August 31, in cases of all taxpayers who are liable to file their ITR by the said 'due date'.
There are seven ITR forms available to file returns, out of which four are currently available in pre-filled XML format. Other ITR forms will be available in pre-filled format shortly, according to the I-T department's website. The tax department has, however, advised the taxpayers to verify the pre-filled data carefully and add any other taxable income which is not pre-filled.
How to file ITR
Individuals who wish to file income tax return are required to register with the Income Tax Department's e-filing portal - incometaxindiaefiling.gov.in - using their Permanent Account Number (PAN). The applicants are further required to prepare and submit their return. Interest if any is automatically calculated. After submitting the return, individuals need to verify their returns and that can be done using Electronic Verification Code (EVC) or Aadhaar OTP or digital signature certificate.
A late filing fee of Rs 5,000 is payable by the assessee for furnishing an ITR after the stipulated deadline but before December 31. A late fee of Rs. 10,000 is applicable if the assessee files return between January 1 and March 31, 2020.