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Five-step guide to file income tax returns early

Filing a belated ITR leaves you prone to a possible penalty from the I-T Department

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The government last year had extended the income tax returns (ITR) filing due date from July 31 to August 5. Despite being aware of the extension, a lot of people for some reason failed to file their returns. If the filing of returns for the assessment year (AY) 2017-18 has been missed, then it must be done as soon as possible.

Filing a belated ITR leaves you prone to a possible penalty from the I-T Department. Unless you have a genuine reason for a delayed ITR filing, the tax officer imposes a penalty of up to Rs 5,000 for missing the deadline. From April 1, 2018, the penalty has been fixed at Rs 5,000 for all delayed ITR filings before December 31, 2018. However, the penalty has been set at Rs 10,000 if the ITR is filed after December 31, 2018. Those earning below Rs 5 lakh will have to pay a penalty of Rs 1,000 for a delayed ITR.

How To File A Belated ITR

Step 1: You will need to visit the official e-filing website of the I-T Department

Step 2: Use the ‘Login Here’ tab and enter your username, password and captcha code to enter the dashboard.

Step 3: Click on the ‘e-file’ tab on the dashboard choosing the option of ‘Prepare and submit online ITR’. Choose the relevant ITR form and assessment year 2017-18 for filling your belated ITR.

Step 4: Once your ITR is prepared, select the ‘return filed under section 139(4)’ option in the drop-down menu for successful submission.

Step 5: Once your ITR has been submitted you can choose how to verify your return. You can choose Aadhaar-based OTP e-verification.

The writer is CEO of BankBazaar (Source: Zee Business)

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