You have four more days to file the income tax return (ITR). To get started, get hold of your Form 16, collect your bank account statement and other important documents so that you do not miss the deadline of August 31st for filing ITR. It is important not to miss the deadline as it would result in a penalty of Rs 5,000 if filed beyond August 31. Earlier, the Central Board of Direct Taxes (CBDT) extended the due date’ for the filing of Income Tax Returns from July 31, 2018 to August 31, 2018.
Minister Piyush Goyal, in a tweet, appealed to citizens to pay taxes within the extended due date.
“The last date for submission of income tax has been extended from July 31 to August 31, 2018, I request every taxpayer to submit their income tax by the due date, fulfil their duty as a law-abiding citizen and contribute in the nation building,” he said.
Here are a few tips for a salaried class for filing income tax return (ITR).
1) Download Form 26AS to ensure there is no mismatch of income.
2) It has now become mandatory to provide your Aadhaar number on the ITR form. The deadline for linking of PAN card and Aadhaar Card has been extended to March 31, 2019.
3) If you changed a job, ensure that you combine income from both the companies in order to avoid any tax-notice.
4) If you forgot to take any tax deduction, it can be availed while filing ITR.
5) If you hold any foreign assets, including salary account in the foreign country, etc. then declare such income and assets details in the return.
7) Delay in ITR filing for FY 2017-18 will lead to late fee up to Rs 5,000. If you file it after December 31 then the penalty would escalate and double to Rs 10,000
Last but not least, early filing helps you in getting a faster refund.