All those who haven’t filed their Income Tax Return yet, even after the original deadline expired on July 31, today is your one last chance to ensure compliance with the Income Tax rules. Keeping in mind difficulties faced by taxpayers, including technical glitches holding up e-filing of I-T Returns, the Income Tax authorities had extended the last date to file ITR till August 5. The due date is today for the filing of ITR for financial year 2016-2017 or Assessment Year 2017-2018.It is mandatory to link your Aadhaar and PAN card for filing income tax returns. The Ministry of Finance has extended the deadline of linking PAN card with Aadhaar card. It can now be done before August 31. The returns however, will not be processed until the linkage of Aadhaar with PAN.
In case you miss the deadline for filing ITR, you can still file a belated tax return. The process remains the same, more or less only you will have to select Return filed under Section 139(4) in the drop down menu.
Missing the deadline will also keep you from revising your income tax return or carry forward your losses. E-filing of Income Tax Returns (ITR) is mandatory for all individuals except those whose income is less than Rs 5 lakh per annum and who are above 80 years of age. Individuals aged 80 years or more, an individual or HUF whose income does not exceed Rs 5 lakh and who has not claimed any refund in the return of income, have an option to file ITR-1 (Sahaj) or ITR-4 (Sugam) in paper form.If you want to file your income tax returns the old-fashioned way, then the good news is that the department’s offices will remain open until midnight to facilitate the manual filing of ITR for the 2016-17 fiscal. Income Tax department’s field offices will be of help particularly to senior citizens. “In order to facilitate the manual filing of returns on August 5, 2017, being a Saturday, the Central Board of Direct Taxes (CBDT) has directed that necessary arrangements be made for receiving Income Tax Returns up to midnight in all Income Tax Offices throughout the country,” a finance ministry statement said.
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