ITR Filing Mistakes: The due date for Income Tax Return (ITR) filing for salaried taxpayers is around the corner and EJ Biz puts together the Dos and also the Do Nots for your tax filings:
The due date for filing of return for a class of taxpayers who are not mandated to audit under the income tax law is July 31, while it is October 31, for those cases that are mandated to audit under the Income Tax Law or any other law.
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People can file ITR after the deadline passes but they have to pay a late fee. As per the latest details, if the yearly income of an individual is above Rs 5 lakh per annum, a late fee of Rs 5,000 will be imposed. If the income is below Rs 5 lakh per annum, then a late fee of Rs 1,000 will be imposed on the person who will file the ITR after the deadline.
Individuals should be careful while filling out the income tax return (ITR) forms. They should make sure that they are filling out the correct ITR form that is applicable to their situation.
While filing the ITR is necessary, providing correct personal information in the forms is even more critical. The details that need special attention are PAN details, e-mail ID, date of birth and IFSC code.