ITR Filing 2019: August 31 is the last day for filing Income Tax Return (ITR) for the assessment year 2019-20 (the financial year 2018-19). If you are a taxpayer and are or will file your income tax return then here is an important advisory issued by the Income Tax department.
Last month, CBDT extended the deadline of filing ITR from July 31 to August 31 for the financial year 2018-19. One can file ITR online through income tax's e-filing ITR website. However, it is common for individuals to make mistakes while filing ITR online and become a victim of ITR fraud.
While the ITR filing process has reached its deadline, it is also the time for taxpayers to make some investments for saving and claiming tax benefits.
Several banks public and private sector banks like ICICI Bank, Axis Bank, Bank of Baroda, SBI, HDFC Bank, and PNB among others have been encouraging customers for opting their 5-year fixed deposits tax saving schemes.
However, along with that, fraud alerts related to ITR filing are also being communicated by the Income Tax department.
In an alert issued by the IT department, it said, “The Income Tax department never asks for your PIN numbers, passwords or similar access information for credit cards, banks or other financial accounts through email.”
This alert is a reminder of a very popular pattern of fraud named as a phishing scam. Phishing fraud is highly carried through email address.
According to experts, the scammers send you an email which will look like it's from your own bank or another site, where all your payment information is stored.
Like-- in the mail, the fraudster could say that they have some technical issues in their computer and ask you to re-submit your account details or credit card information etc.
In fact, the scammer also lures customers with mails of discounts to swindle individuals directly or to defraud them under other person’s name whom they know.
The department also warned taxpayers against fraud saying, “The Income Tax Department appeals to taxpayers NOT to respond to such emails and Not to share information relating to their credit card, bank or other financial accounts.”
How to file Income Tax Return (ITR) online:
Step 1: Individuals have to register themselves on the Income Tax Department's e-filing portal -- incometaxindiaefiling.gov.in - using their Permanent Account Number (PAN).
Step 2: Prepare and submit your return and income tax. Any interest will be automatically calculated if required.
Step 3: After submitting the return, individuals need to verify their returns using the Electronic Verification Code (EVC) or Aadhaar OTP or digital signature certificate.
What happens if you miss filing I-T return?
A hefty amount of fine is levied on individuals who miss filing ITR by the due date.
Until December 31 -- fine is Rs 5,000
Until January 1/March 31, 2020, fine is Rs 10,000
For those whose income is below Rs 5 lakh, the late fee is Rs 1,000
Important: If you fail to file an income tax return, and tax due is more than Rs 25 lakh, you can even face a seven-year jail term.