Have you filed your ITR or assets tax acknowledgment this year? The aftermost date for filing of assets tax acknowledgment for appraisal year 2018-19 (financial year 2017-18) is August 31, 2018. Can you book your assets tax acknowledgment afterwards the August 31 deadline? Yes, but accomplishing so will allure a amends bulk alignment from Rs 5,000 to Rs 10,000 depending aloft the amount of delay. Aftermost month, the government continued the aboriginal borderline of July 31 by one month, announcement August 31 as the new deadline. That means, those attractive to book their assets tax acknowledgment afterwards accepting to buck any amends accuse accept eleven canicule larboard to do so.
1. Assets tax slabs: In the accepted category, individuals with anniversary assets up to Rs 2.5 lakh are not accountable to pay assets tax. For those with an assets amid Rs 2.5 lakh and Rs 5 lakh, the bristles per cent slab is applicative – acceptation assets tax of 5 per cent. In the chief aborigine and cool aborigine categories, anniversary incomes up to Rs 3 lakh and Rs 5 lakh do not allure assets tax, according to latest rules.
2. Alteration in assets tax return: Changes to an ITR, already filed, can be made till March 2019 (for cyberbanking year 2017-18, and appraisal year 2018-19) should an individual make a aberration and wishes to accomplish a correction. Previously, assessees were accustomed a two-year window to alter and resubmit an erroneous ITR. The beforehand an alone files the ITR, the added time he or she gets for authoritative a revision, say experts.
3. Delayed assets tax return: Not filing the assets tax acknowledgment aural the due date attracts absorption at the amount of 1 per cent per ages or allotment of the month.
4. Penalty: A three-tier fee arrangement has been alien for not filing assets tax acknowledgment aural due date. If acknowledgment is filed above due date but afore December 31, again fees payable will be Rs. 5,000 admitting in added cases it will be Rs. 10,000. However, in case of taxpayers whose absolute assets does not beat Rs. 5,00,000, the fees payable shall be belted to Rs. 1,000, said Ashok Shah, partner, N.A. Shah Associates LLP.
5. It is appropriate for every aborigine to book assets tax acknowledgment (ITR) able-bodied in time and abstain assorted after-effects including burden of binding fee, say abundance planners.
6. Assets tax forms: The Assets Tax Department has provided seven ITR forms to accredit assessees to book their assets tax acknowledgment online. These forms are namely ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 and ITR 7. The action of filing of an I-T acknowledgment online is accepted as e-filing. These tax forms are applicative for appraisal year 2018-19, which bureau they chronicle to income becoming in cyberbanking year 2017-18, according to the taxman.
7. Assets tax verification: Filing or acquiescence of an assets tax acknowledgment is not all. The Assets Tax Department has allowable the accessible to additionally verify the assets tax acknowledgment afterwards appointment it. The taxman offers several means such as mail, net banking, ATM and Aadhaar – to verify an ITR already it is submitted.
8. Delay in processing of acknowledgment of income: Already the acknowledgment is filed and ysis of the aforementioned is appropriately completed, the Central Processing Centre, Bangalore, of the Assets Tax Department, processes the assets tax return. It is alone again that the tax accountability or acquittance of aborigine is determined. Thus, in case the aborigine is claiming a refund, delayed filing of assets tax acknowledgment will aftereffect into a delayed cancellation of the tax refund.
9. Book the assets tax acknowledgment able-bodied afore the August 31 deadline is additionally advantageous in alienated aftermost minute rush, say experts.
10. Around 6.84 crore assets tax allotment were filed during cyberbanking year 2017-18, compared to 5.43 crore filed in the antecedent year, according to government records.
(With bureau inputs)
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