Your date with Income Tax

Income Tax Return

Last date to file Income Tax Return is 31st July 2018 for salaried people and other people who are not required to get audit done under any act for the year ending 31/03/2018. Other than these categories, last date to file ITR is 30th September 2018 for year ending 31/03/2018.

Every person who needs to file Income Tax Return requires following documents:

For salary person (ITR Form 1):

  1. ID and password of Income Tax site
  2. Copy of PAN card
  3. Address
  4. Mobile and Email id
  5. Bank accounts number and its IFSC of all accounts
  6. Form 16
  7. Home loan Certificate
  8. Income from Saving Accounts and Fixed Deposit

Person other than Salary Income:

  1. ID and password of Income Tax site
  2. Copy of PAN card
  3. Address
  4. Mobile and Email id
  5. Bank accounts number and its IFSC of all accounts
  6. Form 16 A
  7. Home loan certificate
  8. Income from Saving Accounts and Fixed Deposit
  9. Bank Statements
  10. All invoice and expense related to business
  11. Nature of Business

Following amendments regarding ITR:

Reduction in filing of ITR: Income tax department has reduced time to file ITR. Now any person can file ITR at end of one year from financial year. Example for year ending 31/03/2018 assessed can file ITR only till 31/03/2019.

Income Tax Penalties:  Income Tax departments can levy a fine of Rs 5,000 on any person who files return after due date i.e. 31st July or 30th September 2018. So assessed can file return on or before 31st July or 30th September without any fine and till end of 31/03/2019 with fine of Rs 5,000. A penalty of upto a maximum of Rs 10,000 can be levied.

 

CA. Manish Kumar is a practicing CA and can be reached for any support related to Accounting, Taxation, ROC work or Audit

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