INSUBCONTINENT EXCLUSIVE:
ITR Filing: Changes to an ITR, once filed, can be made till March 2019.The government mandates that individuals who earn a specified amount
of annual income must file income tax return (ITR) within a pre-determined due date
For the assessment year 2018-19 (financial year 2017-18), August 31, 2018 is the deadline for individuals to file income tax return
Income tax is levied on individual taxpayers on the basis of a slab system where different tax rates have been prescribed for different
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).In the general category (below 60 years), individual with annual income up to Rs
2.5 lakh is not liable to pay income tax
Individual with an income between Rs
5 lakh, the five per cent slab is applicable - meaning income tax of 5 per cent
20 per cent tax is applicable for individual with an income between Rs 5 lakh and Rs 10 lakh; and 30 per cent tax is applicable for
Filing the income tax return after the due date will invite penalties from the income tax department amount ranging from Rs 5,000 to Rs
10,000 depending on the degree of delay
Taxman should also note that changes to an ITR, once filed, can be made till March 2019 (for financial year 2017-18, and assessment year
