Have you filed your ITR yet? Trust us, it ain’t a gargantuan task! Here’s how to go about it.
It’s that time of the year when you have to file your Income Tax Returns. For those of you who don’t have any idea about ITR filing, let us first warn you that July 31st is the last day to file your ITR. And from this year onwards, the rules are pretty strict.
If you fail to file your ITR by the deadline, you’ll be paying a penalty of Rs. 5,000 provided you file it before 31st December. If you file your ITR post 31st December, a late fee of Rs. 10,000 will be charged. Only Rs. 1,000 will be charged as penalty for those who have income below 5 lakhs in a year.
Anyway, we advise that you file your ITR as soon as possible. It’s a pretty simple and straightforward process. In the video above, we’ve covered everything you need to know about filing your Income Tax Returns.
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