31st July 2018 is the due date to file Income Tax Return for the Financial Year 2017-18 or Assessment Year 2018-19. In case you fail to file your ITR by this date, then you will have to pay a penalty of Rs. 5000 if your file your ITR after 31st July 2018, but before 31st December 2018. However, if you file your ITR after 31st December 2018 you will have to pay a penalty of Rs. 10,000. If a taxpayer has income upto Rs.5lakh per annum, then he/she is required to pay a penalty of Rs.1000 for late filing.
- Firstly, while filing ITR you must keep the important documents like your Aadhaar Card, PAN Card, Bank details and Form 16/16A handy. These are the documents without which you will not be able to file your ITR.
- Download Click Here and use our IOS App to file your Income Tax Return
- Cross check the tax details with the Form 26AS, as it contains all the details about the tax paid by the taxpayer in the given financial year. Any discrepancy can invite a tax notice for you.
- While filing Income Tax Return the taxpayer must calculate his/her tax liability, by keeping all the deductions in mind.
- Another thing that a taxpayer should keep in mind while filing ITR is, choose the correct ITR Form depending on his/her source of Income.
The last date to file ITR is just 7 days away, so file your ITR now and get an instant discount of Rs.50 by applying our coupon code ITR50. You can also earn by using our refer and earn scheme, you just have to tell others about us and earn.