E-ITR forms updated post the extension of deadline to file ITR
Everyone knows that deadline to file income tax returns has been
extended to August 31, but did you know that changes have been made to
the ITR forms itself. Yes, in tandem with the deadline extension,
similar changes have been made in the ITR forms to make sure that
taxpayers do not face hardships.
As per the latest update on the e-filing website of the tax department,
"CBDT has extended the due date for filing Income Tax Returns for
certain category of assesses from July 31, 2019 to August 31, 2019.
Accordingly the IT return preparation software are modified to update
the 234A interest calculation along with certain other minor corrections and the same is available for download."
Chartered Accountant Naveen Wadhwa, DGM, Taxmann.com says, "The
department has extended the due date for filing of return for the
Assessment Year 2019-20 from July 31, 2019 to August 31, 2019
considering the recent extension in due dates for issue of Form 16 and filing of TDS
return by employers in new formats. If a person files the return after
the due date then he is liable to pay interest under section 234A at the
rate of 1% of tax payable. As the due date for filing of return has
been extended by 1 month, no interest shall be charged if a taxpayer
files his return by August 31, 2019. Accordingly, e-filing utilities
have been modified so as not to charge the interest under Section 234A."
Penal interest
under section 234A is levied for failing to file ITR on time in case
there is tax payable. The interest is levied on the tax payable amount
at the rate of 1 per cent per month or part of month. The interest is
calculated from the due date of filing ITR to the date of actually
filing of ITR. The interest is calculated as simple interest.
This can be explained with an example. Suppose Mr A does not file ITR by
August 31, 2019. Apart from filing ITR, he also has outstanding tax
liability of Rs 10,000. If he files, his ITR on October 3, 2019, then
interest will be levied for two months i.e. September and October as
follows: Rs 10,000 times 2 per cent : Rs 200.
There is another change that has been and this is one is regarding the
tax filing website. The income tax department has launched a lighter
version of the e-filing website with a focus on filing of ITR by the
taxpayers. "Income tax department is launching 'e-Filing Lite', a
lighter version of e-Filing portal with a focus on filing of Income Tax
Return (ITR) by the taxpayers. The same can be accessed by clicking
'e-Filing Lite' button in home page. The current e-Filing portal having
all the services can be accessed by clicking on 'Portal Login' button,"
said the latest update on the e-filing portal.
Wadhwa adds, "The department launches the 'Lite' version of
Income-tax e-filing portal. The lite website has been launched only for
e-filing of income-tax return. Only those services have been kept in
this website which are required for filing of return and all other links
would be available only on the primary e-filing portal. The Lite
version does not give any option to link Aadhaar with PAN and it can be
done from the main site only. Generally the Lite version of a website is
launched for the region where access to mobile data and high-speed
connectivity is limited. The primary e-filing portal has 8 tabs in main
menu and 43 links, while as the Lite website has 3 menu tabs and 3
links."
The 'e-filing lite' version has only three tabs namely - Dashboard,
My Account and e-file. Other services such as pre-validating your bank
account, changes in the details such as address, mobile number or
viewing your Form 26AS will need to be accessed from the normal portal
only.
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