Many of us hoped that the deadline for filing IT returns will be extended after the rumour spread, but unluckily, that is clearly not happening so today is the final day of filing IT returns. So if you haven’t done it, well file it right now – it hardly takes 20 minutes to do so.
As per clarification from the Income Tax Department’s announcement yesterday, the last date for filing Income Tax returns for 2016-2017 fiscal year has not been extended. That means 31st July, 2017 is the deadline – that’s today and if you haven’t files your IT returns, do it before the day ends. The IT department has already received over 2 crore returns filed electronically and for those who haven’t yet, there won’t be a second chance. The time is running out and websites may be facing some jitter, but the government has made the e-filing system speedy and hassle free.
The only thing to worry about is – not making mistakes while filing the returns online in a hurry, as that happens a lot considering that today is the last day. Just have all necessary documents and details on hand, pick the right ITR form and fill in all the details, it’s easy. And as per the Indian Constitution, filing IT returns is compulsory for any person receiving income from salary, house or property, capital gains and any other source. If your income is above Rs 2.5 lakhs per year, it is really not an option to leave behind – you have to file the tax or you can be legally sued. Even if it is less than Rs 2.5 lakh per year, one should file the IT returns anyway, because that will be helpful in multiple financial transactions.
If you are unable to file the returns on time, you can file a late return within a year from the end of the assessment year, provided an assessment year has not yet begun. But that is not an extension of date, and if return is not filed within the due date, it cannot be revised. And as per Section 234A, an interest of 1% of the tax will be implied and you will not be able to carry forward losses from business and profession or capital gains. So just do it, today, right now!