The last date for submission of income tax returns increased from 31st July to 31st August
The problem of the return of the portal due to frequent interruption of the portal
The last date for filing the income tax returns for assessment year 2018-19 has been increased from 31 July to 31 August 2018. The Central Board of Direct Taxes (CBDT) has issued an order in this regard on Thursday. Taxpayers were facing many problems in filing income tax returns due to frequent stuttering of the portal, while there was also fear of penalties for not filing returns on time. This led to demand from the government to extend the date of return. With the move of the CBDT, more than one million tax payers of the Indore region have received relief.
Keep this caution when paying a return.
The Income Tax Department does the whole process online. The department has every kind of information regarding the taxpayer and it checks the credit from the return. CA Abhay Sharma told that while filling the return, keep in mind that he should choose the correct assessment year, because it is seen that in filing an invoice or return, the taxpayer assesses the assessment year and the financial year wrong. Just like filling the financial year 2017-18, which is called Assessment Year of the year 2018-19 in Income Tax. Select the correct ITR form, otherwise the returns will be rejected.
Savings account interest up to 10 thousand tax free
When filling returns, other income is also shown, such as interest in savings account. Under the Income Tax Act, interest of up to Rs 10,000 has been exempted on all the accounts, but for exemption, this interest also has to be shown first in income. It is also necessary to show interest in Fixed Deposit, Recurring Account, on which TDS is not cut. It is also necessary to show any income in the name of minor children, it is also shown in the taxpayer’s income tax return.
Those who do business need to pay attention to this.
This will be the first return filing after GST, hence the taxpayers will have to keep records according to both VAT and GST, so that they can answer in the future on any queries. VAT was valid from April to June 2017, so it is necessary to match VAT return, while matching income from July 2017 to 31 March 2018 is essential.