Taxpayers can use the income tax department's online portal to file their returns from the comfort of their home. Here's a step-by-step guide to file your income tax returns for FY18

If you are yet to file your income tax returns for the financial year 2017-2018, you still have few hours left as the deadline ends on March 31. If you fail to file your tax return, the government reserves the right to take legal action against you.

Small taxpayers, with turnover of up to Rs 5 crore in the last financial year, can file quarterly return with monthly payment of taxes on self-declaration basis

The pilot project envisaged for rolling out simplified monthly goods and services tax (GST) return forms from April 1 has been deferred and the new forms would be made available once they the notified and the software is ready.

The GST Council had in July last year decided that the simplified GST return forms — Sahaj and Sugam — would be rolled out on a pilot basis from April 1, 2019, while mandatory filing across the country would kick in from July.

In July last year, the Central Board of Indirect Taxes and Customs (CBIC) had come out with the draft GST returns forms and sought comments from stakeholders.

Under the new return filing format, taxpayers who have no purchases, no output tax liability and no input tax credit in any quarter of the financial year would have to file one 'nil' return for the entire quarter. Facility for filing quarterly returns shall also be available by an SMS.

The new return filing format would replace the current requirement of filing final sales return GSTR-1; but according to the plan, summary sales return GSTR-3B would continue for some time.

“The pilot project of new return filing has been deferred. The new date would be decided. The forms would be notified first; following which the pilot would be launched. Systems are being developed for the new forms,” an official said.

Small taxpayers, with turnover of up to Rs 5 crore in the last financial year, can file quarterly return with monthly payment of taxes on self-declaration basis.

The return form ‘Sahaj’ is for businesses that make supplies to only consumers (B2C). It includes details of outward supplies and inward supplies attracting reverse charge as well as summary of inward supplies for claiming input tax credit.