How To File Income Tax Returns In Three Steps By March 31, 2018
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.
Â
pic.twitter.com/VObVUELost— 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.
-
Midterm Rally Lasted A Day. The Hard Reality Of A Divided US May Last Two Years | Opinion
Between a contested AI boom, a debt ceiling that arrives in 2027 and a president with every incentive to act alone, the next two years may prove more volatile than the first day's rally suggests.
-
Blue Wave Will Derail the AI Trade but Won't Dismantle the AI Era | Unhedged Position
The Democrats' sweep of the US Congress will see politics collide with economic forces both over the long and short term.
-
It's Time To Take The GST Council's Bet On Trust Global
Payment records can prove India's services exports, and clear, proportionate rules can bring foreign digital sellers into the tax net.
-
Opinion | India at 38: From Innovation Overperformer to Innovation Powerhouse
India now has 453 VC-backed deep science startups, 18 of them late-stage, after 117 percent growth since 2020. Laurus Labs, at USD 9.3 billion, is the most valuable deep science company in any middle-income economy outside China.
-
Navigating Energy Crossroads: S Jaishankar's Call For Diversified Supply Chains At G20 Ministerial Meeting
As geopolitical fault lines continue to test maritime trade routes and commodity flows, Jaishankar's message remains pertinent: true economic resilience requires open markets, protected transit lines, and a genuine commitment to multilateral cooperation rather than coercion.
-
Indians Are Travelling, But Not Every Journey Is A Holiday | The Week In Whys
Pilgrims, patients and working women are the real travellers, and the system hasn't quite caught up with them.
-
Getting To Work Costs Women More | The Reason Why
It is not just about women paying more than men. It is about women paying much more in cities than in villages.
-
AI Bias In Investing Cannot Be Eliminated, But It Can Be Governed
Framing is a particularly important example as identical financial information presented in terms of gains rather than losses can lead an LLM to reach a different assessment.
-
Joining The Dots | Dark Skies, Steady Diya: Why Hope Holds This Diwali
With war, a weak rupee and foreign outflows weighing on sentiment, policymakers at the NDTV World Summit and market veterans at NDTV Profit Ignite: Diwali Edition offered the same advice: stay invested and filter out the noise.
