News India Live, Digital Desk: If your income is higher than the original exemption limit, you need to file income tax returns (ITR). You can choose a new or old income tax system. The new financial year has started from April 1 and the process of filing ITR will start soon. It is important to know some important things before filing returns so that there is no problem in future.
The system can be changed while filing returns
If you are working and last year you informed your employer that you have chosen the old income tax system, you can still change the system while filing ITR. The Income Tax Department allows individual taxpayers to change the tax system once in the financial year. If you feel that you will save tax by choosing a new tax system, then you can make this change while filing your returns.
Difficult to file returns without Form 16
The Income Tax Department usually releases the ITR form at the end of April and uploads utilities, after which taxpayers can start filing returns. However, it is not possible for employed people to file returns without receiving Form 16. It is mandatory for companies to provide Form 16 to their employees by June 15. This form contains the taxpayer’s salary income and details of deducted tax (TDS).
Last date for filing ITR 31 July
The last date for filing income tax returns is 31 July. However, if necessary, the Income Tax Department can increase this deadline. This work was done during the Kovid epidemic. Experts say that taxpayers should not wait for the time limit. Fileing returns at the last minute increases the chances of making mistakes. Therefore, efforts should be made to file returns before the deadline.
Bill returns can be filed by 31 December
If for some reason the taxpayer is not able to file an ITR by 31 July, then he does not need to worry. He can file bill returns by 31 December. However, for this they will have to pay fine and interest on tax. If the annual income is less than Rs 5 lakh, then the fine is Rs 1,000 and if the income is more than Rs 5 lakh, then the fine is Rs 5,000.
When will the process of filing the income tax returns start, what will be the last date for its last date? Know the answer to each of your questions first appeared on News India Live | Breaking India News, The Indian Headline, India Express News, Fast India News.
