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Today i.e. September 15 is the last day to file an income tax return of FY 2024-25, if you have not yet filled the income tax return (ITR), then you can easily fill it sitting at home. It is very important to fill the returns in time, due to not doing so, the fine and interest burden can increase up to Rs 5000.
Chartered Accountant (CA) Anand Jain Telling you how you can easily fill your returns through 4 steps.
1. Keep all the papers ready
- Form 16: Salary, TDS proof.
- Form 26AS and Annual Information Statement (AIS): It shows how much tax you have deposited and how much is left.
- Bank statement, interest certificate.
- Investment Proof: LIC, PPF, NSC etc.
- Detail of home/house loan.
- Rent receipt, information of capital gains.
2. Choose the correct ITR form
- ITR-1 (spontaneous): If your income is from salary, one house and other sources (interest) and the income is less than ₹ 50 lakh.
- ITR-2: If income is from salary and pension and you have more than one house or capital gains.
- ITR-3: If income is from business or profession.
- ITR-4 (Sugam): Returns are being filed under the Principal Taxation Scheme.
3. ITR filling options
- Income tax can login to the website (https://incometax.gov.in).
- Put your pan and password on the e-filing portal.
- Fill the information by choosing the correct form according to your income.
- Calculate tax and pay online if you want to pay additional tax.
4. ITR Verification
- It is necessary to do e-verification within 30 days after filing the return.
- For Verification – Aadhaar OTP, Net Banking, Demat Account, Bank Account or Signed ITR -V are sent to Bangalore etc.
Seek expert advice If your return is complicated, which has salary, share trading income, capital gains, income from other sources, deduction, home loans etc., then file your return through CA to avoid the possibility of any notice in future.
If you miss the last date, then these difficulties with late fees and interest
- If the return is not filed by 15 September, filed by December 31 will be fined ₹ 5,000.
- After 31 December, a fine of up to ₹ 10,000 will have to be paid.
- If the income is up to ₹ 5 lakh then the maximum late fee will be ₹ 1,000.
Additional burden of interest
- If the return is not filled on time and tax is left, then 1% interest will have to be paid every month on the remaining amount.
- Example: If the return is filed from September 16 and ₹ 1,00,000 tax is left, then ₹ 1000 will be charged per month.
Many more disadvantages of not filling ITR on time If the ITR is not filled till the scheduled date, then the option of old tax system will not be available. If the income tax returns are not filled on time, the taxpayer will have to file returns in the new tax system itself. In such a situation, you will not be able to choose the option of old arrangements (where discounts and deductions are found).
An additional burden of ₹ 13 lakh annual income from 1 day to ₹ 6,104
- Suppose your income is ₹ 13 lakh and tax liability is ₹ 1,04,000.
- If you filled the return on 15 September, you will have to pay only ₹ 1,04,000.
- But for filling on 16 September, an additional ₹ 6104 will have to be paid by adding fine and interest.
- (₹ 5,000 – Late fee under Section 234F + ₹ 1040 – Interest under Section 234A = ₹ 6,104)
In the last few years, it has been seen in the last few years that the taxpayer has hidden income from his other source or wrong deductions such as LIC, Mediclaim, Hon. Honor and Principal, Institutions or Political Party has been filed by showing wrong information about the wrong information. In today’s time, all the information is available with the Income Tax Department, data analysis is being done using artificial intelligence, giving wrong information is likely to bring notice in future, which will have to be paid heavy interest and fine.
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