New ITR filing date for A.Y 2019-20

New ITR filing date for A.Y 2019-20

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It was demanded to extend the due date of filing ITR because of last minute rush and also main factor was  TDS  statement issue was also delayed for A.Y 2019-20. On 23rd July, 2019 CBDT extended the due date of filing Income Tax Return of taxpayers whose due date fall on 31st July, 2019. Now the new due date shall be 31st August, 2019

Who is required to file ITR by 31st July, 2019 (now extended to 31st August)?

Individuals including salaried taxpayers and entities who do not need to get their accounts audited. 

Click here to Read About : who needs to get their account audited here.

What are the document checklist to file ITR?

-Form 16 received from your employer

-Bank statement during the relevant year if you have income other than salary and also to check interest from your saving bank account, as it is taxable too however you get tax deduction upto a limit for your saving bank account interest.

-If you have income from house property than again details of rent received during the relevant year, along with municipal taxes paid receipts

-Details of your tax aving investments like LIC, ELSS, Basic tuition fees paid for your children, any tax saving FD made during the year, donations eligible for tax benefits, medical insurance paid for yourself or parents and spouse.

-House loan email and interest paid details if any.

-If you are a proprietor and not required to get your account audited make sure your tax computation is calculated correctly so ensure you get the right tax consultant for the same. 

Income TAx Return Filing | ITR Due Date

Why should one approach a tax consultant to file ITR?

There is no doubt that you can login to the income tax and do the basic filing yourself. If you have income only from salary then you can file it yourself. If a salaried taxpayer do not have time they may approach a tax consultant who is not charging you hefty sum to file salary income tax return. However for those having income from capital gain, income from other sources, income from business- it is always recommended that they should approach a tax consultant. Because relying on not so efficient person to file your tax return will only put you in trouble. Income tax department is very strict and serves you with notice in few months if anything submitted is incorrect or you may even have to face late fees or interest if there is by any chance mistake in your tax computation.

Therefore why get served with notice and take hassle when you can now go to a tax consultant nearby you or approach a CA online through a reliable source. Choice is yours file return on time with help of consultant or get served with notice and face interest penalty by doing delay or making mistake by getting your itr filed through not reliable source.

Related Article- 7 Ways Salaried Individuals Can Save Tax

Know how to file ITR online and don’t wait till the last date.

File your ITR on time and live with peace!!

Jail for non-filing of ITR

You may land up in Jail for non-filing of ITR

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The central Board of Direct Taxes (CBDT) has extended the ‘Due Date’ for filing of Income Tax Return from 31st July, 2019 to 31stAugust, 2019!

Interest and Penalty for failing to file ITR within due date

Those category of individuals with income below the exemption limit are not required to file the ITR irrespective of what they have earned income during the financial year. The basic exemption limit varies as per age. 

What will happen if you fail to file ITR within due date of 2019-20? Last date of ITR filing for A.Y 2019-20 is 31st July, 2019. Unlike in past missing to file ITR has strict consequences.  If one fails to file ITR by 31st July, 2019 then one still get the chance to file it by 31st March 2020, however with a late fees.  Return filed after due date is called Belated return. So you get a chance to file belated return by 31st December, 2020 with late filing fees.

As per section 234F of income tax Act, if a person fails to file income tax return within due date and files it before 31st December late fees of 5000 is to be paid, if return is not filed even after 31st December late fees goes upto 10000 in that case.If there is tax payable then for late filing you would have to pay interest u/s 234A at 1% per month or part thereof on unpaid taxes along with interest u/s 234B and 234C as applicable.

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When the provision of imprisonment will comes into effect?

276CC of income tax Act highlights that if intentionally you fail to file ITR that is you are doing the fault knowingly in that case a person could get imprisonment terms of at least 6 months. And this may extend upto 7 years if he is evading tax greater than 25 Lakhs. If tax he is trying to evade is greater than 3000 but is upto 25 Lakh then there could be imprisonment for a term of at least 3 months and it could go upto 2 years based on the amount of tax he was trying to avoid.

Therefore, one has to comply with the provision of ITR filing within the due date to avoid such mishappenings or reputation harm like interest, penalty fine or even jail.

Please note that for certain categories of tax payers due date of ITR filing is 30th September, 2019. You may consult caonweb experts for free to check your due date.

Jail for not filing your ITR will harm your business reputation. Are you filing your ITR before 31st july,2019