Many of us have filed our Income Tax Return (ITR) on or before 5th of August 2013. But, there are still more than 30% of us who have not filed their return yet. SBI has tied up with one of India's leading e-return intermediaries (ERI) - TaxSpanner, to offer the service of filing Online Return. It is beneficial for all of you to file your ITR at the earliest due to the below mentioned reasons:
- The Income Tax Department (ITD) is serving notices to all the taxpayers who have not filed their return from Financial Year 2008-09 onwards.
- Not filing of income tax returns when annual income is above Rs. 2,00,000/- could lead to interest and penalty of up to 300% of the outstanding tax due.
- It is mandatory for taxpayers earning above Rs. 5,00,000/- to file their return online w.e.f. financial year 2012-13.
- ITD grants grace period of only two financial years to file income tax returns (with the return for the second financial year carrying a fine of Rs 5,000). After this, one has to get permission from the Assessing Officer to be able to file their late returns. You can still save penalty of Rs. 5,000 if you file your return of FY 2012-13 on or before 31st March, 2014.
- After the due date of filing return, interest on outstanding tax due is charged at 1% per month till the tax payment is made and return is filed. The earlier the return is filed, the lesser the interest on tax due is required to be paid.
E-filing your return is now just two steps away:
- Log on to www.onlinesbi.com
- Go to 'Other Services' and click on 'SBI e-file' to file your return online
