financial services

Key details to know before filing Income Tax Return

It is the responsibility of a taxpayer to file Income Tax Return and follow up with the same, as filing Income Tax Return is an important task. The last date to filing ITR is 31st July 2018 for the Financial Year 2017-18. The taxpayer is required to file Income Tax Return by this date, as not filing of ITR by due date will invite tax penalty of Rs. 5000 if you file your ITR after 31st July 2018, but before 31st December 2018. In case you file your ITR after 31st July 2018 you will have to pay a penalty of Rs. 10,000. Moreover, if the total income of the person doesn’t exceed Rs 5 lakh, then the fee payable will not exceed Rs 1000.return

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  • You are required to Verify your ITR

Your duty as the citizen of India is to pay tax and file your Income Tax Return. After filimg Income Tax Return, you are supposed to verify your ITR. You can send a copy of your ITR-V to CPC Bangalore or you can E-verify your ITR by using Aadhaar OTP, by generating EVC or Electronic Verification Code etc.

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  • Provide the correct Personal Details

Make sure the contact number and the email ID, that you are providing while filing Income Tax Return are correct, as you will receive all the intimations from Income Tax Department on the provided mail ID and contact number.

Filing Income Tax Return

Tax related details that you are mentioning in your ITR must match with the tax details on your Form 16 or Form 26AS.

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