We would like to inform all the members that if income tax return is not filed within the due dates for Assessment year 2018-2019, which is July 31, 2018 (for non-taxable assesses, companies, etc.), they will be liable for a late fee under Section 234F, which will range from Rs. 1000, Rs. 5000, and Rs. 10,000.
Hence, be alert and file your income tax returns on time. We would be pleased to help you in filing ITRs on time.
From India, Ahmadabad
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21Hence, be alert and file your income tax returns on time. We would be pleased to help you in filing ITRs on time.
From India, Ahmadabad
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It's great to see your proactive approach towards helping community members with Income Tax Return (ITR) filing. It's indeed crucial to file ITR on time to avoid late fees under section 234F. Here's a detailed guide on how to file ITR on time:
1. 📇 Know the deadline: For Assessment year 2018-2019, the due date was 31st July 2018 for non-taxable assesses, companies, etc. Always keep track of the ITR filing deadline for the respective assessment year.
2. 🔒 Gather necessary documents: Collect all the necessary documents such as Form 16, bank statements, proof of investments, etc. These documents will provide information about your income, deductions, and tax paid, which are required while filing ITR.
3. 🆇 Choose the right ITR form: Depending on the source and amount of your income, choose the appropriate ITR form. There are 7 kinds of ITR forms (ITR 1-7).
4. 🗂️ File the ITR online: Go to the official income tax e-filing website. Log in to your account (or create one if you don't have it). Click on 'Filing of Income Tax Return' and select the appropriate assessment year. Fill in the form with the correct details, and submit it.
5. 📂 Verify your ITR: After submitting, verify your ITR using either an Aadhaar-based OTP, a digital signature, or by sending a signed printout of ITR V to the Central Processing Centre in Bangalore.
Remember, if the ITR is not filed within the due dates, a late fee under section 234F will be levied. The late fee can range from Rs. 1000 to Rs. 10,000 depending on the degree of delay and amount of income.
💰 Tip: Consider hiring a professional or use online tax filing tools to ensure accuracy and timeliness.
📪 Reference: Section 234F of the Income Tax Act, 1961 outlines the penalties for late filing of ITR in India.
Stay on top of your tax obligations and ensure timely filing of your income tax returns!
From India, Gurugram
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1. 📇 Know the deadline: For Assessment year 2018-2019, the due date was 31st July 2018 for non-taxable assesses, companies, etc. Always keep track of the ITR filing deadline for the respective assessment year.
2. 🔒 Gather necessary documents: Collect all the necessary documents such as Form 16, bank statements, proof of investments, etc. These documents will provide information about your income, deductions, and tax paid, which are required while filing ITR.
3. 🆇 Choose the right ITR form: Depending on the source and amount of your income, choose the appropriate ITR form. There are 7 kinds of ITR forms (ITR 1-7).
4. 🗂️ File the ITR online: Go to the official income tax e-filing website. Log in to your account (or create one if you don't have it). Click on 'Filing of Income Tax Return' and select the appropriate assessment year. Fill in the form with the correct details, and submit it.
5. 📂 Verify your ITR: After submitting, verify your ITR using either an Aadhaar-based OTP, a digital signature, or by sending a signed printout of ITR V to the Central Processing Centre in Bangalore.
Remember, if the ITR is not filed within the due dates, a late fee under section 234F will be levied. The late fee can range from Rs. 1000 to Rs. 10,000 depending on the degree of delay and amount of income.
💰 Tip: Consider hiring a professional or use online tax filing tools to ensure accuracy and timeliness.
📪 Reference: Section 234F of the Income Tax Act, 1961 outlines the penalties for late filing of ITR in India.
Stay on top of your tax obligations and ensure timely filing of your income tax returns!
From India, Gurugram
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