ITR Filing Last Day: Quick Last-Minute Guide Before The Deadline Ends Today
We got you covered with all the important aspects of ITR filing as you rush for a last-minute returns filing.
As the deadline for income tax returns or ITR ends today, in case your returns are yet to be filed, you need to follow the process very smartly considering the limited time taxpayers are left with now.
There are several steps, requirements and guidelines to be mindful of.
For salaried individuals with simple income structures, the Income Tax Department provides an easy-to-use Excel-based utility for filing ITR-1 Sahaj.
The full process from downloading the Excel to declaration and validation and verification is a ten-step process. One needs to start by gathering all the relevant documents. One needs to then check their Form 26AS and AIS.
The correct ITR form needs to be selected, and then the taxpayer needs to reconcile their bank and investment accounts. Additionally, they need to also report exempted income before verifying tax deductions and claim them. One can then, file and e-verify their returns.
We got you covered with all the important aspects of ITR filing as you rush for a last-minute returns filing.
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In order to file returns, one needs several documents that are crucial to the process. This includes Form 16A, Form 16B, Form 16C and Form 16D.
Tax payers also need capital gains statement, Form AIS/TIS along with documents linked to foreign income and unlisted shares. The interest certificates and bank statements, PAN, Aadhaar and bank account details are also important documents that are needed to complete the process.
If one fails to file the ITR by the due date, then they could face a penalty under Section 234F of the Income Tax Act, 1961. A delay could attract a late fee of Rs 5,000.
However, if the total income is below Rs 5 lakh, the penalty is limited to Rs 1,000. It’s advisable to file your ITR within the due date and avoid the penalties.
When it comes to the question of who needs to file, the answer is simple. Filing an ITR is the responsibility for taxpayers in India. The Income Tax Act requires certain individuals and businesses to file returns based on their income and financial activities.
It also helps with tax refunds, maintaining financial records, and getting loans or visas. The government has increased the Section 87A rebate limit from Rs 7 lakh to Rs 12 lakh, effectively making annual incomes up to Rs 12.75 lakh tax-free for salaried individuals. The revision includes a Rs 75,000 standard deduction.
