Finance Minister Nirmala Sitharaman has recently extended the deadline for filing belated and revised income tax return for FY 2018-19 from March 31, 2020, to June 30, 2020. Additionally, March, April and May GST return filing deadline has also been extended to June 30, 2020.
Commenting on this, Abhishek A Rastogi, Partner, Khaitan & Co, says, “While it will provide some relief to taxpayers, this may not be enough in case the situation worsens. The government will have to then proactively think about other measures as well so that appropriate timely benefit is passed on to businesses.” He further says, “Partial deferment of tax payments can be a suitable solution so that the businesses can continue to pay their employees. This deferment could be partial and based on the turnover of companies.”
If you are one of those taxpayers who are yet to file your income tax return for the year 2018-19, you can do it online. The online filing, also known as e-filing, is a convenient way for taxpayers to file returns from the confines of their home. Also, as ITR 1 is now pre-filled, you should cross-check your details.
There are usually two ways by which you can file your ITR online.
Here is one way how you can file your ITR online:
1. Log in to the Income Tax Department portal – incometaxindiaefiling.gov.in to file returns online. You need to be a registered user here.
2. Register yourself using PAN, which will serve as the user ID.
3. After you log in to your account, select the filing of income tax return option.
4. Once you are re-directed to a new page, select the assessment year from the dropdown menu, then select ITR form number 1, filing type – original or revised return.
5. Next select the submission mode, ‘prepare and submit online’.
6. After that select the pre-validated bank account, where you want to receive the income tax refund if you are eligible for any.
Here is the second method to file your ITR online:
1. Log in to the Income Tax Department portal – incometaxindiaefiling.gov.in to file returns online.
2. Download the appropriate ITR excel form
3. Put in your information and additional details in the form after it is downloaded.
4. Compute all relevant tax details, before filing. This step can be skipped if you do not have a tax liability.
5. Confirm your details entered by you before proceeding.
6. Next generate an XML file, which needs to be uploaded.
7. Now to submit the form, go the e-filing website and upload the XML file, and click on the ‘Submit Return’ option.
8. Next, to confirm ITR verification, a confirmation message validating the completion of e-filing will be shown on your screen. The acknowledgment form (ITR-Verification) will be generated and can be downloaded. The acknowledgment form is also mailed to the tax payer’s registered email id.
9. Taxpayers can e-verify their returns through either net banking, bank ATM, Demat account number, registered mobile number, Aadhaar OTP, bank account number, and e-mail ID.