August 31, 2019 is the due date for assessees to file their income tax return (ITR) for assessment year 2019-20 (financial year 2018-19).
Missing this due date, set by the Income Tax Department, will attract penalty charges up to Rs 10,000.
The taxman has provided seven forms - named ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 and ITR 7 - for filing of ITR, and one form - ITR-V - for verification, according to its website - incometaxindia.gov.in.
These tax forms are applicable for assessment year 2019-20, which means they relate to income earned in financial year 2018-19.What are various income slabs by the taxman?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).What are theincome tax exemption limitsfor an individual?Individuals having an annual income of up to Rs2.5 lakh are not 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.What are the latest income tax slabs in case of an individual whose age is below 60 years?Get Breaking news, live coverage, and Latest News from India and around the world on TheIndianSubcontinent.com.
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