INSUBCONTINENT EXCLUSIVE:
Income tax is levied on individual taxpayers on the basis of a slab system.Only three days are left to file income tax returns (ITR) for
assessment year 2018-19 (financial year 2017-18)
It is compulsory for individuals who earn a specified amount of annual income to file ITR within a pre-determined due date
Filing the income tax return after the due date, which is August 31, 2018, will invite penalties from the income tax department, amount
10,000 depending on the degree of delay, according to the department's website - incometaxindia.gov.in
However, the due date for filing income tax return (ITR) for assessees in Kerala has been extended to September 15 on account of devastating
floods.Here are 5 things you need to know about income tax returns (ITR) filing:1
Income tax is levied on individual taxpayers on the basis of a slab system
Different tax rates have been prescribed for different slabs
There are three categories of individual taxpayers- individuals (below the age of 60 years) which includes residents as well as
general category, individual with annual income up to Rs
2.5 lakh is exempted from paying income tax
For senior citizens, individual with income up to Rs
3 lakh is exempt from tax
For super senior citizens, aged 80 years and above, income up to Rs
5 lakh is exempt from tax.2
The Income Tax Department has provided online facilities - through its e-filing portal incometaxindiaefiling.gov.in - for individuals to
However, filing or submitting the income tax return online does not complete the ITR process
The Income Tax Department has also mandated the public to verify the income tax return after submitting it
The taxman offers several ways such as mail, net banking, ATM and Aadhaar - to verify an ITR once it is submitted.4
The Income Tax Department has provided seven forms - known as ITR forms - to enable assessees to file their income tax return online
Taxpayers can make changes to an ITR, once filed till March 2019 (for financial year 2017-18, and assessment year 2018-19) in case an
