CA NeWs Beta*: E-ITR forms updated post the extension of deadline to file ITR

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Thursday, August 1, 2019

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."
e-filing-website
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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