Good news for tax payers who were supposed to file Income Tax Returns and Audit Reports by September 30th as the deadline for filing income tax returns for the financial year 2016-2017 has been extended further till October 31st. However, those filing their income tax returns now will have to also enter their Aadhaar number.
Finance Minister, Arun Jaitely tweeted the last evening:
Due-date for filing Income Tax Returns & various reports of audit prescribed under the IT Act,1961 has been extended to October 31, 2017.— Ministry of Finance (@FinMinIndia) August 31, 2017
You will be required to have Form 16, that the employer issues along with Form 26AS which can be downloaded from the official website of the IT Deptt. The 2 forms need to be verified with each other.
It is important that you have a bank account readily available for the crediting of any refund as you need to mention it in the ITR Form. In case of non residents not having a bank account in India they will be required to provide the bank details for any of their foreign accounts.
When filing the ITR you need to mention your bank account number along with its IFSC Code however you must not need to mention the details for any account that hasn’t been in use in the last 3 years.
There are also a few details that have to be disclosed by you compulsorily while filing ITR namely – any cash deposited in your bank account between November 11th and December 30th 2017 that totals up to an amount of ₹2 Lakhs or exceeds it and any undisclosed/unexplained income or investments have to be disclosed as well and they will be subject to a tax of 60% plus surcharge and cess.
In case you intend to claim any exemptions or deductions on the income tax especially U/S 80 C then you must have the following documents available with you – investment details, home loan documents, LTA, medical documents.
In case of any default in payment or non-payment of income tax altogether, a penal interest will be levied at the rate of 1% monthly till the taxes are paid. In addition to this, a fine of ₹5,000 may also be imposed on you, however the imposition of penalty differs from case to case.