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Step-By-Step Guide To File ITR, Penalty Amount, ITR forms, ITR Verification

Income-tax Department has established an independent portal for e-filing of return of income.

The due date for assessees to file their income tax return (ITR) for assessment year 2019-20 (financial year 2018-19) is August 31, 2019. ITR is a prescribed form through which the particulars of income earned by a person in a financial year and taxes paid on such income are communicated to the Income Tax department. Individuals having an annual income of Rs 2.5 lakh or more are mandatorily required to file ITR, according to the Income Tax Department’s website – incometaxindia.gov.in. For senior citizens (individuals between 60 years and 80 years of age), the limit is Rs 3 lakh, and for very senior citizens (aged above 80 years), the limit is Rs 5 lakh, according to the taxman.

Under the Income Tax law, different forms of returns are prescribed for different classes of taxpayers. The return forms are known as ITR forms (Income Tax Return Forms). The forms of return prescribed under the Income Tax law for filing of return of income for the assessment year 2019-20 (i.e., financial year 2018-19) are as follows – ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 and ITR 7.

Here are the steps to prepare and submit ITR online:

Income-tax Department has established an independent portal for e-filing of return of income. The taxpayers can log on to incometaxindiaefiling.gov.in for e-filing the return of income.

Step 1: Login to e-filing website with user ID, password, date of birth /date of incorporation and captcha.

Step 2: Go to e-file and click on “Prepare and Submit ITR Online”.

Step 3: Select the Income Tax Return form and the assessment year.

Step 4: Fill in the details and click the “Submit” button.

Step 5: Upload Digital Signature Certificate (DSC), if applicable.

Step 6: Click on “Submit” button. On successful submission, ITR-V is displayed (if DSC is not used). Click on the link and download the ITR-V. ITR-V, which is used for verification, is also sent to the registered email. If ITR is uploaded with DSC, the return filing process is complete. If the return is not uploaded with DSC, the ITR-V form is required to be printed, signed and submitted to central processing centre (CPC) within 120 days from the date of e-eiling. The return is processed only upon receipt of signed ITR-V, according to the taxman.

What happens if income tax return is not filed by the due date?

Return of income which has not been furnished on or before the specified due date is called belated return. The taxman has stipulated a penalty amount (fee for late filing of income tax return) for filing of income tax return for assessment year 2019-20 after August 31, 2019, according to its website.

Late filing fees of Rs 5,000 is payable if return is furnished after the specified due date but before December 3, 2019. In other cases, late filing fees of Rs 10,000 is payable. However amount of late filing fees to be paid cannot exceed Rs 1,000, if the total income of the person does not exceed Rs 5 lakh, according to Income Tax department.

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