If you have missed filing your Income Tax returns, here’s what you need to do.
First, you will have to file an appeal for condonation with the commissioner of income tax of your ward for refunds and losses carried forward.
Next, you will have to fill in the ‘ITR U’ form for the updated return and mention the reasons for updating your income. It could be: return previously not filed, income not reported correctly, reduction of carried forward loss, wrong rate of tax and others.
LAW FOR PENALTY
According to Section 234F of Income Tax, Rs 5,000 will have to be paid as a penalty for filing the ITR after the last date of filing the return. However, if the total income of the person does not exceed Rs 5 lakh, the work can be completed by paying a penalty of only Rs 1,000. On the other hand, if the total income of a person does not exceed the basic exemption limit under the tax regime chosen by him, he will be exempted from any penalty while filing a belated ITR.
Verification of the ITR within 30 days of filing is mandatory. The time limit has been brought down from the previous 120 days.
Electronic verification or e-verification can be done by logging on to your account on the Income Tax department’s website. Failing to do the same will invite a penalty under tax laws.
You may also download the ITR-V (acknowledgement of ITR filing) from the Income Tax Department’s website and send it to the Centralized Processing Centre after signing the paper.
The ITR-V, a one-page document, will have to be signed in blue ink and sent via ordinary post or speed post. You cannot courier the ITR-V. You don’t need to send any supporting documents along with the ITR-V. The address for mailing the ITR-V is Centralized Processing Center, Income Tax Department, Bengaluru 560500