As the Income Tax Return (ITR) due date approaches, many taxpayers rush to complete the process. Filing your ITR on time is crucial to avoid penalties, ensure compliance, and claim eligible refunds. If you are filing at the last minute, here’s a quick guide to help you stay on track.
Know the ITR Due Date
The usual deadline for filing ITR (without late fees) is July 31 for individuals.
If extended by the government, the revised date must be checked carefully.
Filing beyond the due date attracts penalties under Section 234F and may delay refunds.
Keep Your Documents Ready
Before starting, ensure you have:
Form 16 (for salaried individuals).
Form 26AS & AIS (tax deducted details).
Bank statements for interest income.
Investment proofs for tax-saving claims under Section 80C, 80D, etc.
3. Choose the Correct ITR Form
Salaried individuals usually file ITR-1 or ITR-2.
Business owners and professionals may need ITR-3 or ITR-4.
Selecting the wrong form may lead to rejection or revision later.
File Online Quickly
Use the Income Tax e-filing portal for faster processing.
Ensure Aadhaar and PAN are linked.
Cross-check tax credits with Form 26AS before submission.
Don’t Forget Verification
Filing is complete only after e-verification via Aadhaar OTP, net banking, or bank account.
Without verification, your return will be considered invalid.
Penalties for Missing the Due Date
₹1,000 to ₹5,000 late filing fees under Section 234F.
Possible interest on unpaid tax dues.
Loss of certain exemptions and carry-forward benefits.
FAQs
Q1: What happens if I miss the ITR due date?
You may have to pay penalties, interest, and lose carry-forward benefits of losses.
Q2: Can I file ITR after the due date?
Yes, but it will be considered a belated return with penalties.
Q3: Is e-verification mandatory?
Yes, without it, your ITR is incomplete.
Q4: Do I need to file ITR if my income is below ₹2.5 lakh?
Not mandatory, but recommended if you want refunds or proof of income.
Q5: Can I revise my ITR after submission?
Yes, revised returns can be filed before the assessment year ends.
Published on : 11th September
Published by : SMITA
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