The due date of filing Income tax return for Financial year 2018-29 (Assessment Year 2019-20) for individuals is 31st July, 2019.
Filing of return after due date will attract the penalty as follows:
Income Slab Penalty
Upto Rs. 5 lakh Rs. 1,000 (from 1st August 2019 to 31st March 2020)
More than Rs. 5 lakh Rs. 5,000 (from 1st August 2019 to 31st December 2019)
Rs. 10,000 (from 1st January2020 to 31st March 2020)
Note : ITR for AY 2019-20 cannot be filed after 31st March, 2020 in any case.
The electronically filing process of returns can be done with the portal www.incometaxindiaefiling.gov.in.
Steps to be followed for filing your Income Tax Return:
- Register yourself at incometaxindiaefiling.gov.in. by using your personal details in case you are going to file your return of income for first time. Your PAN number will be used as user ID for login.
- Documents to be gathered : Bank statements for the year, Form 16 (TDS certificate), Form 26AS (tax credit statement), Copy of return filed last year , Capital gain details, exemptions claiming documents, Bank details etc.
- By using E-filing portal, go to the download tab, select the relevant year (AY 2019-20) and download the excel or java utility.
- Enter all the relevant data related to your income, allowances, deductions and exemptions etc. and calculate the tax liability or tax refundable.
- In case there is a tax liability, pay your tax liability to avoid the tax penalties.
- Once the tax payable becomes zero after paying tax and all the details are confirmed and accurate, save the data and create XML of the return.
- In the E-filing portal itself, click on “Upload Return”, select the relevant AY and upload XML created earlier.
- In case you have DSC (digital signature certificate), click submit by inserting DSC.
- In case you don’t have DSC, you have to generate EVC (Electronic Verification Code), download ITR- V (acknowledgement) and sent this ITR-V (printed and signed) for verification to CPC Bengaluru within 120 days of filing of return.
Here is the simple steps you have to follow to file your Income Tax Return.