New changes made in ITR filing process this assessment year

Last date of filing the ITR is just around the corned and it is time to be aware of all the rules that have been revised in filing process. It would be good to understand these processes since you do not want to make any mistake while ITR filing the return.

ITR filing

ITR filing

Late Fee

The date has not been changed but the ITR department has now brought in the provision of fine for late filing of the fee. If an individual files the return by December 31st, late fee would amount to 5000 or Rs 10,0000 if it has been filed after 31st December 2018. However, those who have income below Rs 500,000 will have to pay the lower late fee amount of 1000/-

What changed?

  • Previously, the provision of late filing fee was there but an individual had to pay 5000/- if he filed the income tax return after 12 months from the year end.
  • It could have been waived off in case the taxman was convinced that there was a genuine reason.
  • This year, there is a mandatory fee of 5000/- for late filing
  • There is no change in the mode of filing tax return
  • The last date to file the belated return for FY 2017-18 is the March 31st, 2019. After this date, late filing is not permitted even if an individual is willing to pay the applicable late filing fees.

Additional Disclosure requirement

If the landlord is receiving the rent of more than 50,000/- per month from the tenant, the amount would be subjected to TDS. If the tenant has undertaken the compliances by his PAN, the field for mentioning the name of the one who would deduct the tax are modified so that the name of the tenant can be put.

Sahaj Form

Sahaj form is still available but cannot be used by someone who is a Non-resident or Not ordinarily resident. It implies that NRIs who are outside India or foreign nationals residing in India would have to fill the details of their income sources.

Validation Rules – The Income tax department has laid down various validation rule for filing the Income Tax return. The tax payer would need to go through and comply by all the new validation rules that are in the place.

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