If you delay in filling out the ITR form, you may have to pay a penalty.
The last date for filing income tax return is July 31. In order to file returns for the financial year 2018, the department has notified the form, which is different from the last time in many ways. Along with the form of income tax filing form, many rules have also changed. There is a provision of up to a maximum penalty of Rs 10000 for not filing an Income Tax Return from this year. In this case, we are telling you these rules in connection with penalties in detail.
You will get too late to fill the form:
If you delay the filing of the ITR in the financial year 2018, you may be subject to financial loss. You will have to fill your ITR in this financial year till July 31, 2018 (unless the tax department itself expands on this date). You may also have to pay a penalty of up to Rs 10,000 if you do not do this.
According to the rules, if you file your ITR after a Due date and before December 31, 2018, you will have to pay a fine of Rs 5,000, if you file ITR after December 31, 2018, then you get a fine of Rs 10,000 (if you Annual income is more than 5 lakhs)
However, some taxpayers have been given relief. If your annual income is less than 5 lakh then the maximum penalty for you will be 1000 rupees.
These big changes made in the simplest ITR-1:
Referring to salary breaks in the form: The most important change is that now the job seekers will have to pay their salaries when filling an income tax return. At the same time traders have to give GST number and turnover information when filling returns. So far, this particular statement was only filled in Form 16 and the need to disclose it has never been revealed.
No more details will be given in the filing details:
A major change in the form issued for the year 2018-19 has been done that in the column of other information in part E of the form you no longer have to give cash deposit information during the note-taking Will be Now this column has been eliminated.
Now only Resident Individuals will be able to fill ITR-1:
Earlier, ITR-1 could fill in the intuitive form resident, resident notarial resident (RNOR) and non-resident, but now it will be filled only with resident individuals.
ITR-2 form also changed:
CBDT said that ITR-2 has also been rationalized for individual people and Hindu undivided families, whose income comes from business or profession and comes from any other item.
Real estate income also has to be disclosed: Now you have to give full break up of the income generated by your real estate property, which was mentioned earlier only in ITR-2 and other forms.
This system will continue: The most prominent of all the ITR forms is the ITR-1 or the simplest form, which is filled by salaried taxpayers. Like this past year, ITR-1 or spontaneous form of one page has been brought to earn income up to Rs 50 lakh and salaried taxpayers in a house.
By:- Abhishek Bajpai