Income Tax Return Filing: With the Income Tax Department tightening the noose around defaulters and a government keen on making tax compliance a habit amongst Indians, 31 st December 2018 poses another chance for the individuals who failed to file their Income Tax Return for FY 2017-18 by 31st July 2018. As per the current Income Tax Laws, any individual whose annual income accounts to more than Rs 2,50,000 needs to file an ITR. If you are a salaried individual and your tax was deducted at source under TDS, then the possibility of a refund cannot be ruled out provided you file your Income Tax Return with due care and apply for all Income Tax Exemptions available under various sections like 80C, 80D, etc.

You can either log in directly to the government’s income tax e-filing website - incometaxindiaefiling.gov.in and file your return online/offline, or get in touch with a Chartered Accountant (CA) or tax consultant to file your return and claim deductions (if applicable). For late filing of the Income Tax Return, you’d have to pay a late fee of Rs 5000.

Remember, it's prudent to file Income Tax Returns (ITRs) and pay taxes if applicable to have a clean white record in the books of Income Tax Department. Skipping filing of ITR in one year will only pile up your tax burden and create issues in the long run besides making you a tax defaulter.

If you fail to file your ITR by 31st December 2018, then the next due date is 31 st March 2018 for filing Income Tax Return (ITR) for FY 2017-18, however, mind it that the late fee will double to Rs 10,000.

e-File your ITR Now!