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  Business   Economy  31 Jul 2017  File your income tax returns by today itself as no more extension likely

File your income tax returns by today itself as no more extension likely

THE ASIAN AGE.
Published : Jul 31, 2017, 12:01 pm IST
Updated : Aug 5, 2017, 2:43 pm IST

The government refused to extend the July 31 deadline for filing income tax returns.

July 31 is the last date for filing income tax returns.
 July 31 is the last date for filing income tax returns.

Mumbai: The government had on July 31 extended the deadline for filing income tax returns to August 5 which is today, revised last day for filing income tax returns. The taxpayers may not get yet another extension as the earlier deadline was pushed ahead as there was huge rush on to the income tax website that stopped it from working properly.

The extension also came as a surprise as the Central Board of Direct Taxes had earlier made it very clear that there was no proposal to extend the deadline and also the entire tax filing process was going on smoothly. CBDT had also revealed at that time that over 2 crore taxpayers had already filed their returns by that time electronically.

 

"The last date for filing of ITRs remains July 31. There are no plans to extend this deadline. The department has already received over 2 crore returns filed electronically. The department requests taxpayers to file their return in time”, CBDT had earlier said.

However, July 31's huge traffic jam on income tax website and a subsequent crashing of the site forced income tax authorities to relax the deadline up to August 5 which is today.

So if you still have not filed your income tax returns, then you should hurry as today is last day and most probably you will not get yet another chance. Here are some tips that will help ease your tax filing exercise. So, follow this easy, step-by-step guide to quickly file your I-T returns.

 

Must haves: PAN Card, Aadhaar card, Bank account details, Form 16, details of investment details (eg: LIC, PPF, NSC), details of home loan

Step 1: Identify which ITR form you have to fill

ITR 1: You are eligible if your income (below Rs 50 lakh)

1. Comes from salary/ pension.
2. Comes from one house property.
3. Comes from other sources (interest, etc)

ITR 2: You are eligible if your income (above Rs 50 lakh)
1. Comes from salary/pension
2. Comes from house property
3. Comes from capital gains/loss on sale of investments/property
4. Comes from agriculture and is more than Rs 5,000
5. Comes from other sources like lottery, legal gambling
6. Comes from being a person as a partner in a firm
7. Foreign assets

 

ITR 3: You are eligible if:
1. You are an individual or HUF with income from proprietary business or profession
2. Your income comes from house property
3. Your income comes from salary, pension and other sources

Step 2:  Create your e-filing account on the Income Tax website

Go to https://incometaxindiaefiling.gov.in and make your account. Registration will be done by activating the link the I-T department mails you and after providing the OTP you receive on your phone.

In case you are already registered, click on 'Registered user' option.

Step 3: Download the Form 26AS and Form 16.

Form 26AS is a consolidated tax statement.

 

Step 4: Select the relevant form (check above to be sure) and assessment year. You may have to upload your signature digitally. Submit it and the website will redirect you to the page for filling the form you selected.

Step 5: After filling the form, ITR V will be generated. You are required to sign the ITR V using blue ink and send it to this address –

Income Tax Department - CPC, Post Bag No - 1, Electronic City Post Office, Bengaluru by ordinary post or speed post within 120 days.

Step 6:  You will get an acknowledgement receipt from the I-T department via e-mail. You will also get an SMS regarding the acknowledgement receipt.

 

Tags: income tax returns, income tax department, form 16a
Location: India, Maharashtra, Mumbai (Bombay)