The due date for individuals to file an income tax return (ITR filing or income tax return filing) for assessment year 2018-19 is March 31. An income tax return (ITR) for assessment year 2018-19 (financial year 2017-18) can be filed by the end of the month with a penalty fee of Rs 10,000, according to the Income Tax Department. "You can still file your Income Tax Return for A.Y. 2018-19 ( F.Y. 2017-18 ) by 31st March, 2019 with late fee if you have not filed yet," the Income Tax Department said in a post on microblogging website Twitter. (Also Read: Link PAN With Bank Account For Refund: Income Tax Department To Assessees)
You can still file your Income Tax Return for A.Y. 2018-19 ( F.Y. 2017-18 ) by 31st March, 2019 with late fee if you have not filed yet. pic.twitter.com/G6juCzKA1z
Individuals having income more than Rs. 2.5 lakh are mandatorily required to file income tax returns, the Income Tax Department noted. 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.
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The Income Tax Department also listed out steps for the concerned assessees to file their belated income tax returns for assessment year 2018-19.
Here are the steps for individuals to file their income tax return for assessment year 2018-19:
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: Individuals 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.
Also Read: How Much Income Tax You Can Save In Assessment Year 2020-21
Non-filing of return of income may result in penalty and prosecution, the Income Tax Department further said.
Among organisations, all companies, firms, limited liability partnerships (LLPs), trusts associations, and political parties are mandatorily required to file income tax returns.
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