Filing income tax returns within the stipulated due date is quite important. If you fail to stick to the deadline, you can be liable to pay a late fee up to Rs. 5,000. The last date for filing returns is different for different entities.
For small organisations like HUFs and salaried individuals, the deadline for e-filing is July 31. However, for the FY 18-19, the date has been extended till August 31. For bigger business entities like companies, partnerships, and proprietorships, etc. the deadline is September 30.
You must learn how to file ITR online. It has many benefits besides the return of excess tax paid. However, you must follow a specific protocol to be able to file the returns.
To file tax returns, it is mandatory that you have the following documents: Form 26AS: Providing form 26AS is compulsory. It contains all the essential details about TDS deducted on all kinds of income. Interest certificate: It can be obtained from your financial institution that accepts the income deposits.
Capital gains certificate: You can avail it from your broker. You will also have to furnish details about the buyer. TDS certificate: Whether you are a salaried or a self-employed individual, you must provide a digitally signed TDS certificate. It is also known as Form-16.
To compute the taxable income, you will have to add up all revenue from different sources and then deduct all the allowed expenses. Knowing about different sections that enable deductions is a must. Some popular sections include – 80C for TDS returns on specified investments, 80CCC which is for TDS returns on Payment of life insurance premium, 80CCD for TDS returns on contributions to a pension fund, 80D on payment of medical insurance premium and 80GG for TDS returns on House rent allowance
After furnishing details about taxable income, you will be asked for providing documents that prove the same. Complete this procedure and confirm. You will be provided with an automatically generated XML file. Upload the file in the ‘submit return’ tab. It will display a success notification.
On completing the above steps, the income tax department will follow up after due verification, through your registered e-mail.