The Central Board of Direct Taxes ( CBDT ) has informed that the taxpayers who could not file their income tax returns for A.Y. 2018-19, can still file the same, but with a late fee of Rupees Ten Thousand. The Board also prescribed the following three simple steps to file the returns.
Step 1: Register at e-filing portal (www.incometaxindiaefiling.gov.in) using PAN.
Step 2: File your return (in Online or Offline mode). Income Tax and interest (if any), will be automatically calculated.
Step 3: Verify the uploaded return using the Electronic Verification Code (EVC) or Aadhaar OTP or Digital Signature Certificate.
All Companies, Firms, LLPs, Trusts, Associations, Political Parties [whose income prior to claim of exemptions exceeds the minimum chargeable to tax], Individuals & HUFs having income more than Rs. 2.5* lakh [*For senior citizens, lakh (age 60 years up to 80 years) and Rs. 5 lakh (age 80 years or more), etc., have to file the income tax returns mandatorily.
The CBDT advisory cautioned that the non-filing or incorrect filing of return of income may result in penalty and prosecution.
“Remember: ITR for A.Y. 2018-19 cannot be filed after 31st March 2019. Refund, if any, would be credited in your bank account directly,” it said.
Further, no one can file their income tax returns from next year without linking their Permanent Account Number ( PAN ) with Aadhaar card, the taxpayers who have not done the same can do it till 31st March 2019.