July 31 Is The Deadline For Filing ITR- Here's A Checklist To Make Your Job Easy

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    The deadline for filing income tax return for the fiscal year 2016-17 is July 31 and in case you miss it you still can file the return without any penalty implication. Nonetheless, the penalty implication of upto Rs. 10,000 as proposed in the Budget 2017 for late filing of return shall be levied from the April 1, 2018 which means for ITR filing for FY 2017-18 and AY 2018-19.

    July 31 Is The Deadline For Filing ITR- Here's A Checklist

    To make your ITR filing process simpler, here is compiled a list of documents you would need beforehand:

    1. PAN and Aadhaar- Aadhaar is to be quoted in ITR filing by all resident Indians. NRIs and other expats are facing issue in uploading ITR as the column for Aadhaar still remains active for them due to a technical snag so they are likely to miss the deadline for the FY 2016-17.

    2. Bank account details together with the transaction details such as interest realized on bank and fixed deposits as well as interest tendered on loans etc.

    3. All remaining and due taxes are to be to claim TDS

    4. Proof of deductions for claiming deduction as per section 80C, 80D, 80G and 80U

    5. All income sources i.e earnings from investments, interest or rent

    6. Salaried employees should keep their payslips handy

    7. Declare TDS through Form 26AS

    8. Filing the relevant and appropriate ITR form- Different ITR forms are available and depending on the source of income as well as income slab you need to fill in and file the form.

    Goodreturns.in

    Story first published: Saturday, July 29, 2017, 15:31 [IST]
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