The last day to file income tax returns for assessment year 2019-20 (financial year 2018-19) is August 31, 2019. The income tax (I-T) department cautions that the income tax payers should not resort to the last minute rush and file their income tax (I-T) returns as soon as possible. The I-T department provides various forms for income tax assessees to file their ITR or income tax return. Meant for different types of taxpayers, such as salaried or self-employed individuals and companies, these income tax forms are known as ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6, ITR-7 and ITR-V (verification), according to its website - incometaxindia.gov.in.
Here are 5 things to know about Income Tax Return (ITR) filing:
1. For assessment year 2019-20, every taxpayer is required to file the income tax return electronically except super senior citizens (those aged above 80 years), who can furnish the returns in a physical mode either using Form ITR-1 or ITR-4.
2. For filing of income tax return, individuals are required to register on the Income Tax Department's e-filing portal - incometaxindiaefiling.gov.in - using their Permanent Account Number (PAN). However, in the recent Budget, government announced "interchangeability of PAN and Aadhaar". This means that who do not have PAN (Permanent Account Number) card can file income tax returns by quoting their Aadhaar number.
3. After submitting the return, individuals are also required to verify their returns. I-T Department offers five ways for verification of an ITR: net banking, bank ATM, Aadhaar OTP, bank account and demat account, according to the I-T's e-filing portal.
4. After e-filing, users can also find information on the status of their submission through the Income Tax Department's website.
5. One can file the income tax return after the August 31 deadline too. However, the delayed income tax return will attract a penalty of up to Rs 10,000, according to the Income Tax Department.