Deadline For Filing Income Tax Return One Week Away – 10 Things To Know

Deadline For Filing Income Tax Return One Week Away - 10 Things To Know
Deadline For Filing Income Tax Return One Week Away - 10 Things To Know

Yet, the Deadline For Filing Income Tax (I-T) return is 31st, July in the estimate year for the previous year. There could be several cases where tax requests skipped filing their income tax returns within the limited time. Within this case, they are eligible to file the late income tax returns 31, March of this year.

This suggested that the taxpayers still have one more week to file their returns. Those who missed filing their tax returns for the financial year (FY) 2015-16 and 2016-17 are eligible to file the late returns before 1st, April 2018. The FY 2015-16 and 2016-17 are also known as evaluation years 2016-17 and 2017-18 individually in the income tax talk.

Ten Things to Know- Filling Belated I-T, Deadline For Filing Income Tax Return

1. It must be noted that yet you paid the income tax on these financial years, nothing should stop you from filing the returns. You can file your income tax return on the official site.

2. Then enter details such as user ID, password. Then enter captcha text then upload details relevant to your income tax.

3. According to Income Tax Act, the given persons are meant to mandatorily file the income tax return. i) All companies or partnerships and LLPs. ii) Trusts, associations and political parties. iii) Individuals and HUFs who have an annual income of more than Rs.2.5 lakh.

4. The entrance for filing income tax return is Rs. 3 lakh in place of Rs. 2.5 lakh for the senior citizen that is under age of 60 years.

5. Those are who are above the age of 80 years need to file an Income Tax return only when their annual income more than Rs. 5 lakh.

6. The Income Tax departments suggest that in case you have placed high amounts in your bank in carried out high-value transactions then you must consider those while filing your income tax return. As in case you have filed the income tax return of Rs. 5 lakh, while you also got Rs. 10 lakh in your bank as rental income through the financial year then you must consider for the same while giving your tax and filing the return.

7. The department also suggests that non-filing of return or invalid filing of return is the infraction of the law. So, it may result in execution or fine by the income tax department as per the law.

8. In order to fulfill the taxpayers’ troubles, the tax department says that the taxpayers should not stop from filing the income tax return for fear of coming under investigation. The department says that less than 1% of the taxpayers are put under investigation. The investigation is a close examination of income tax return where a taxpayer is given a chance to validate the income declared in relation to the costs, deductions, losses, freedoms required in the return.

9. The cases that are shortlisted for inspection are done so electrically without any human interaction.

10. The people who are allowed to use the simplest form for filing of income tax return known as Sahaj. Those who have their main source of income in form of salary or pension income or income from house property or income from other sources.

So, everyone has to know that the Deadline For Filing Income Tax Return just one week away, the last date is 31st, March.