4 Things to Know if You Haven’t Filed An ITR
To reside freely and to be safe all around yourself it is import to pay taxes to the government. As our taxes are the source for the salary of the police officials, army officials and all other funding. As a respectable citizen of India, it is our first duty to pay tax to the government on time. Failing which may cause you various problems in the future. If problems are not considered still then it must be your duty to pay taxes for which you have the rights and protection within your country. If someone fails to pay tax it would only affect the economy of our country and it very bitter truth that only 40% of the people pay taxes.
Well, not each and every citizen have to pay tax as if somebody’s income is less than 2.5 lakhs a year then he/she is exempted from paying taxes. While the last date to file ITR is 31st July but in 2018 it is extended to 31st August.
Here are the few things which you have to know if you haven’t filed an ITR yet.
- Various change has been done in the system in the ITR forms such as in Section 234A and 234F. If you have any previously saved and unfilled offline excel/java forms it will be considered invalid. While in the case of online filing which is ITR-1 previously saved drafts of unfilled forms before 31st July will no longer be accessible and you have to start with a new form.
- The date for filing an ITR has been shifted to 31st August. It was a rule that if somebody fails to file an ITR before 31st July of every year he/she will be penalty with a late fine fees of Rs. 5000. But since the dates have been pushed till 31st August this fees of Rs. 5000 will be only applicable after 31st August. Also, Rs.5000 is the minimum amount it can also exceed to further.
3. There has been a lot many changes in the online and offline sector of the ITR. A compulsory verification is required by the person who is filing an ITR in both the modes i.e. online and offline. This comes under the new section of Taxes Paid and Verification. There is also a new feature shown in the online mode after the date has been extended till 31st August which states that the applicant can file an IRT either as Self or as a Representative. Various more options besides Self is also given for different firms and families.
4. It is a law that if somebody fails to file an ITR an interest of 1% will be levied as a liability which will start from the date of the due month i.e. July but as the dates have been shift the interest will be levied from August.
By- Siddharth Vikram