Last date for filing I-T returns extended till Sep 7

The government on Wednesday extended the last date for filingincome-tax returns by a week to September 7. 

The tax department has notified a new set of ITR forms, including a three-page simplified one, for taxpayers to file their returns for assessment year 2015-16.

While those with annual income below Rs 2.5 lakh per annum are exempt from paying income tax, it is strongly recommended that these individuals still file their returns as it will be helpful in applying for home loan or vehicle loan in the future.

Here's a checklist to ensure you do not miss out on anything:

• If you are e-filing, you can login tohttps://incometaxindiaefiling.gov.in/.
• You will need salary Certificate(s) or Form 16 from your employer. If you are a pensioner, you need pensioncertificate from the bank or statement from the bank in which pension is received. Mention details of income of any dependents or any other person.
• Mention income from residential property. TDS certificate of rent or the bank statement where you have deposited the rent received.
• Make sure you declare all sources of income, including interest earned on recurring deposits made in the name of minors also falls under the tax net, interest earned on money saved in savings bank account, gains made on mutual fund investments and capital gains made on switching schemes.
• Any gift voucher worth Rs 50,000 or above received from anyone other than your relatives needs to be declared.
• Make sure you have mentioned deductions not declared to employer like contribution to Public Provident Fund (PPF), donations, National Savings Certificates purchased, premium of life insurance policies in your name or in the name of your dependents or contribution to recognized pension plan under section 80CCC.
• Enter all personal details like PAN number, bank account details, etc correctly.
• If e-filing, you have the option of submitting digital signature or taking a print of the ITR-V form and emailing it to Central Processing Center (CPC) office in Bangalore. The address is: Post Bag No.1, Electronic City Post Office, Bengaluru, Karnataka 560100.

Don't worry if you realise you have made a mistake after submission of your returns. You can correct it as many times till March 31, 2017, but make sure you file them under 'Revised' header in the return form.

If for some reason you miss the Septermber 7 deadline, you can still file your returns within 24 months, but with a penalty of Rs 5,000.