Income Tax return filing (ITR filing) deadline for assessment year 2018-19 (financial year 2017-18) is just four days away on March 31. Individuals having an annual income of Rs 2.5 lakh or more are mandatorily required to file income tax returns, according to the Income Tax Department's website. For senior citizens (individuals between 60 years and 80 years of age), the limit is Rs. 3 lakh, and for very senior citizens (aged above 80 years), the limit is Rs. 5 lakh, according to the taxman.
Individuals who did not file their income tax return for assessment year 2018-19 have one last chance to file their tax return with a late fee of Rs 10,000, according to income tax website -incometaxindia.gov.in.
Here are three easy steps to follow to file your income tax return (ITR) online:
Step 1: Individuals who wish to file income tax return will have to register with the Income Tax Department's e-filing portal - incometaxindiaefiling.gov.in - using their Permanent Account Number (PAN).
Step 2: They will have to then prepare and submit their return and income tax and interest if any will be automatically calculated.
Step 3: 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.
Non-filing of return of income may result in penalty and prosecution, according to the Income Tax department.