News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
« Direct Tax »
 File Income Tax return before last date and avoid these consequences ITR filing
 Claiming tax refund in your ITR? Don't forget to pre-validate your bank account
 Section 193 – TDS on Interest on Securities
 If you miss to file return by due date, you will be penalised, even get jailed
 Don’t blindly rely on pre-filled ITR Form; correct discrepancies, if any before submission
  Notification No. 52/2019 Central Board Of Direct Taxes
 I-T Department cautions employees on Form 16
 Notification No. 52/2019 Central Board Of Direct Taxes
 Notification No. 52/2019 Central Board Of Direct Taxes
 Government working to create trust between taxpayer, I-T dept, but due taxes must be paid: CBDT
 More classes may be asked to file income tax returns to check evasion

File Income Tax return before last date and avoid these consequences ITR filing
July, 16th 2019

July 31 is the last day for filing Income Tax Return (ITR) for the assessment year 2019-20 (the financial year 2018-19). This year, certain sections of ITR forms will be pre-filled as notified by the Income Tax Department. If you have not filed your ITR this year, do it before the deadline or you will have to face these consequences.

July 31 is the last day for filing Income Tax Return (ITR) for the assessment year 2019-20 (the financial year 2018-19). This year, certain sections of ITR forms will be pre-filled as notified by the Income Tax Department. Individuals can file ITR online through income tax's e-filing ITR website.

inRead invented by Teads
The department is providing pre-filled ITR-1, ITR-2, ITR-3 and ITR-4 forms that are available for download as XML files. It is important for individuals to file Income Tax Return before the last date or may have to face its consequences.

India Tv - ITR filing: File Income Tax return before last date and avoid these consequences

Image Source : FILE PIC
ITR filing: File Income Tax return before last date and avoid these consequences
Who needs to file ITR?
Individuals having an annual income of Rs 2.5 lakh or more need to file income tax returns, according to the Income Tax Department's website
For senior citizens -- between 60 years and 80 years of age, the limit is Rs 3 lakh
For super senior citizens -- aged above 80 years, the limit is Rs 5 lakh
Individuals depositing more than Rs 1 crore in a current account in a year
Individuals spending more than Rs 1 lakh on electricity in a year
Individuals spending more than Rs 2 lakh on foreign travel in a year
Individuals claiming a capital gain exemption (under Section 54/54F) that brings them within the exemption limit
What happens if you miss filing I-T return?
A hefty amount of fine is levied on individuals who miss filing ITR by the due date.

Until December 31 -- fine is Rs 5,000

Until January 1/March 31, 2020, fine is Rs 10,000

For those whose income is below Rs 5 lakh, the late fee is Rs 1,000

Important: If you fail to file an income tax return, and tax due is more than Rs 25 lakh, you can even face a seven-year jail term.

How to file Income Tax Return (ITR) online:
Step 1: Individuals have to register themselves with the Income Tax Department's e-filing portal -- incometaxindiaefiling.gov.in -- using their Permanent Account Number (PAN).

Step 2: Prepare and submit return and income tax. And interest, if any, will be automatically calculated.

Step 3: After submitting the return, individuals need to verify their returns using Electronic Verification Code (EVC) or Aadhaar OTP or digital signature certificate.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2019 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Custom Software Development Outsourcing Custom Software Development Offshore Cus

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions