Today is the last date for filing Income Tax Returns. If you haven't filed it yet, you must rush. In case you fail to file your taxes today, you will be penalised. The maximum one might need to pay upon failing to file ITR is Rs 10,000.
Till last assessment year, 2017-18, there was no penalty for late filing of taxes. A new section, 234F was added to the Income Tax Act. As mentioned in this section, an individual may have to pay up to Rs 10,000 for filing taxes after the due dates specified in section 139 (1) of the Act. This penalty will be applicable from the assessment year 2018-19.
According to the amendments made in the Finance Act 2017 taxpayers are liable to pay a sum of Rs 5,000 if one files the taxes after the filing deadline but before December 31. The same individual will have to pay Rs 10,000 if the taxes are filed on or after January 1, 2019. However, if the taxpayer's annual income is less than Rs 5,00,000 then he or she will not have to pay more than Rs 1,000.
While you prepare to file your taxes, here are a few things to keep in mind:
1. Make sure you have your TDS certificates or Form 16/Form 16A from your employer with you before you start the process. If you are a salaried individual but do not have your Form 16, make sure that you have your salary slips from your employer.
2. You must keep proofs of the claims that you have made, in case the department asks you to justify your details.
3. To make sure that TDS has been deducted and deposited you could download Form 26AS from the TRACES website and check it against your Form 16 for any discrepancy. If you find mismatched details, then feed in details according to your calculation.
4. Report your additional income such as house property, capital gains etc.
5. Download the applicable ITR forms and claim the available tax exemptions.
6. Once your taxes are filed, you have 120 days to verify your returns.
7. In case you have made a mistake, you can rectify it in a revised form as well.