Hurry up! Just a few days left to File Income Tax Return for the FY 2018-19

by Sophie Grace What New When You Have Forgot to File Tax Return?

As only nine days left for the income tax return filing and the clock is ticking for taxpayers who are still waiting to file their income tax return for the assessment year 2019-20. Generally, if individuals would not fileincome tax return will be responsible to pay penalty for not filing ITR before the deadline. Therefore, to avoid a last-minute rush, it is necessary to pay your taxes on time or before 31^st July ’19’.

With the due date hovering around, the central board of Taxes has been continuously notifying the updates to make taxpayers aware and support them go through a seamless filing process without facing any last-minute glitches. Meanwhile, the income-tax authority has been saying to all taxpayers across India that delaying in ITR is something that one should always evade. The department said, “File your income tax return on or before July 31.” Adding the department also emphasized that, “Avoid Last Minute Rush!”

How to file Income Tax Return Online-

Online filing is one of the easiest process to get your return filed without stressing yourself. Simply, the process depends on the source of your income, for this, you have to put details in different forms for your income tax, hence, this is important that you file Income tax return accurately with the correct form. There is a total of seven ITR form that will be filed according to the eligibility of the taxpayers. Like, if you're getting income from salary, pension, or from interest on investment need to fill-up the form ITR 1. Simultaneously, if you are earning income from capital gains or house or property and other sources, you have to fill-up the form ITR-2 and so on. Thus, one should be careful when it comes to filing ITR.

For the online process of ITR filing, you first have to log in to income tax department e-filing login portal. Download the returns software available on the website. Keep all your income details and documents with you which includes your income, deductions and Form 16.

In case you've already operated online software, you can log in and pre-fill some of the fields on the form by clicking on ‘Pre-Fill’ option. Make sure that you are entering correct details so that form could be completed. After you have filled out all information, click on the calculate button, although you also take help of the income tax calculator to find out your tax liability. The final amount is either refundable to you or payable by you. If it is owed, make the payment immediately and fill in the details in the returns form. Save and generate the tax return file on your computer. Visit the income tax website and log in using your ID. Once logged in, you can upload your ITR and submit the same.

Once you submit the ITR file, the ITR-V form will be generated. Tax assesses can choose to digitally sign it and complete your ITR process or print out the ITR-V form, sign it and send ITR V to CPC Bangalore address by post.