5 Things You Need To Know To Make Use Of ITR Deadline Extension

It may always look tedious but with the last date for filing ITR being extended to 31stjuly , 2017 the article below has tried to collate what a taxpayer needs to keep in mind while doing so.

In the last few years, the Income Tax (IT) department has simplified the procedures in order to file the tax return through the e-filling links from their website but one can always make use of the ‘Tax Return Preparers’, and also most of them charge nothing, though some of them might charge a nominal fee of only Rs `250.

The IT department launched a scheme called as ‘Tax Return Preparer Scheme’ in 2006-2007 to basically assist and support small and marginal tax payers in preparing and filing the tax returns.

The most significant step in filing of the returns is to carefully select the particular return form on the basis of whichever it falls under — individual, salaried individuals, Hindu undivided family, partnership firm or corporates, among others.

Each form thus depends on each individual’s situation. While a salaried individual needs to get a Form-16 document from their employer in order to file the returns online, individuals and HUFs, depending upon their income, eligibility and the source of funds are required to choose between ITR 1 to ITR 4 while going through the process. Meanwhile, ITR 5 is for the partnership firms and ITR 6 is for the companies.

Filing of ITR alone is not enough. Once the form is filled, the taxpayer is required to e-verify as to what has been filed. One should not forget to collect the acknowledgement receipt or the ITR-V which is generated after the e-verification process.

One can also verify the returns physically. All what he is supposed to do is take a print out of the acknowledgement slip and then send it to the mentioned address.

Thus It is always of paramount importance however, that one files his returns before the due date, which is now July 31st.

But what relevance does the due date have in filing the returns?

Doing so within the due date always leaves a window for the returns to be revised if one had failed to provide complete details or has made a mistake in filing. However, if one fails to meet the due date, he does not get a chance to revise his returns for the next two years.