Individuals who earn a specified amount of annual income are required to file income tax return (ITR) within a pre-determined due date.
For the assessment year 2019-20 (financial year 2018-19), July 31, 2019 is the deadline for individuals to file income tax return, the Income Tax Department mentioned on its official website- incometaxindiaefiling.gov.in.
Income tax is levied on individual taxpayers on the basis of a slab system where different tax rates have been prescribed for different slabs.
The government made no changes in the income tax structure in the recent Budget.There are three categories of individual taxpayers- individuals (below the age of 60 years) which includes residents as well as non-residents, resident senior citizens (60 years and above but below 80 years of age) and resident super senior citizens (above 80 years of age).
Individuals having an annual income of Rs 2.5 lakh or more are mandatorily required to file income tax returns.
For senior citizens (individuals between 60 years and 80 years of age), the limit is Rs 3 lakh, and for very senior citizens (aged above 80 years), the limit is Rs 5 lakh, according to the taxman.Here are the latest income tax slabs in case of an individual whose age is below 60 years:Here is how to check status of ITR onlineThe Income Tax Department enables income tax assessees to check the status of their ITR (income tax return) online through its e-filing portal, incometaxindiaefiling.gov.in.
Using this facility, individuals who had filed their income tax online (through the e-filing process) can find information on the status of their submission.Get Breaking news, live coverage, and Latest News from India and around the world on TheIndianSubcontinent.com.
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