August 31: Last date for filing Income Tax Return; Remember these five important points

The last date to file the income tax return (ITR) for the financial year 2017-18 is August 31. The government has already extended the timeline to file the ITR of July 31, there may not be any further extensions post this one month period. However, due to the devastating floods, Kerala has been granted an exception to file the ITR latest by September 15.

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Here is a list of top 5 things you need to remember on the last day to file income tax return:

1. There will be penalties if ITR filings are made after the due date. Income tax department has categorised the penalties based on the income. If your income is less than rupees five lakh, the penalty would be rupees 1000 and if it is more than rupees five lakh, the penalty would be rupees 5000. If the ITR is filled after December 31, the penalties would further increase.
2. After submitting the income tax return, you must verify the filing. This can be verified in five ways: Aadhaar OTP (One-Time Passcode), bank ATM, bank account, demat account, net banking or by sending assigned ITR-V form to the Centralised Processing Centre (CPC) in Bengaluru.
3. Changes can be made in filing your Income Tax Return till March 2019, if you encounter any mistake.
4. As per the Income tax laws in India, you can carry forward your business loss or any unabsorbed loss under house property and capital loss for up to 8 years. However, this applies only if you abide by the August 31 deadline of ITR filing. 
5. Income tax return can be filed by visiting the website: https://www.incometaxindiaefiling.gov.in or any other agent websites. Make sure you have your basic details and documents like PAN card number, bank account details, Form 16 handy while filing the return. Also, the breakup of salary, last year’s tax returns, bank statements, TDS (Tax Deducted at Source) certificates and profit and loss account statement, if applicable, should be available with you at the time of filing. 

Hence, do not forget to file the Income tax return by Friday.