Deadline of filing income tax returns extended to August 5

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The decision was announced on Monday, the last date for filing ITR.

According to the law, tax returns must be filed every year for an individual or business that received income during the year, be it regular income (wages), dividends, interest, capital gains or other sources. Besides, Aadhaar-linked bank accounts allow the tax department to verify whether the assets and expenditure of people correspond to their reported income. Slowdown of e-services and introduction of new income tax forms were the reasons for the extension.

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Aadhaar number is also compulsory for making an application for the allotment of PAN.

If you haven't filed your returns, here's Firstpost's Bindisha Sarang's piece on how to do it.

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The income tax department has also issued informative ads in national newspapers advising the tax payers to correctly disclose their income and file their ITRs on or before July 31.

Although the time period to file the belated ITR has been reduced, the government has allowed revision of the belated ITR - unlike prior years where only ITR filed within the due date could be revised. The tax authority on Monday acknowledged complaints that some taxpayers were not being able to link the two because of different names being reflected in PAN and Aadhaar databases. This penalty can be accompanied by prosecution by the IT department if the return is filed later than the assessment year and if it exceeds Rs.3,000/-. The taxpayers also have an option to e-verify the ITR at the time of e-filing or thereafter.

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Quoting of Aadhaar was made mandatory for filing of income tax returns, as introduced by the Finance Act 2017.

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