Salaried individuals would have started getting the Form 16 from their employers, the last date for which was May 31, 2018. The last date of filing the income tax return (ITR) is July 31, 2018 unless it gets extended by the government. For the Assessment Year (AY) 2018- 19, the ITR Forms will be applicable to file income-tax returns in respect of income earned during the financial year 01-04-2017 to 31-03-2018.
Remember, filing of income tax return (ITR), is mandatory if one has annual income exceeding the minimum exempted limit. Also, even if no taxes are due as with salaried individuals where TDS gets deducted each month, the filing of ITR is still compulsory.
Filing of ITR can be done either offline or online i.e. through e-filing, a process of electronically filing Income tax returns through the Internet. But for some taxpayers choosing between the two is not a choice anymore. Online filing has been made compulsory for certain section of the taxpayers. It is compulsory in certain cases such as where:
(a) Total income exceeds Rs 5 lakh or any refund is claimed (other than Super Senior Citizen furnishing ITR1 or ITR2),
(b) Where accounts are required to be audited under section 44AB and
(c) The return is furnished in ITR-3 or in ITR-4.
Only these persons can file their ITR offline:
(a) Individual who are of the age 80 years or more at any time during the financial year
(b) Individual whose income is less than Rs 5 lakh per year and who do not have to claim a refund in the return.
Denne historien er fra July 2018-utgaven av Investors India.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra July 2018-utgaven av Investors India.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
5 Steps To Achieve Your Financial Goals
From a beach house, a Jaguar, to traveling the world – there are many things in life that we want to accomplish.
Microbiome: The Invisible Ecosystem Within us that Safeguards our Health
Imagine being able to heal yourself and build immunity against major diseases without relying on heavy medication. It sounds fantastic, right? Who wouldn’t want that? The key to achieving this lies in a fascinating area of research—our microbiome.
Gold ETFs: Attractive option for retail investors to take exposure to yellow metal
With the equity market experiencing volatility in August, investors are increasingly seeking to diversify their portfolios.
The Retail Revolution: How India's Stock Market Got a Makeover by the Common Man
In the annals of India’s financial history, the stock market has long been the playground of the big boys—mutual funds, insurance behemoths, and foreign portfolio investors (FPIs).
Strategies to adopt when the markets are at a high (for new and existing MF investors)
An investor must have a plan in place and, more importantly, stick to it regardless of shifting market conditions.
A Collaboration to keep Health FirstPNUT and IDA come together as One!
You reap what you sow! And if you sow health, you will reap a healthier tomorrow. Following the same lines, Personal Nutrition (PNUT) and Indian Dental Association (IDA) have come together as partners to promote complete health and nutrition for each individual! How things unfolded? Let’s explore.
Making a choice between equity and debt mutual funds for long-term goals
Mutual funds are quickly becoming a preferred investment choice for millennials.
ASK THE EXPERT
From last Financial Year, I have shifted to the new Tax Regime.
Flexi-cap Fund Vs Hybrid Fund
Investors in mutual funds can choose from equity, debt, or hybrid funds, each offering different risk and return profiles. Flexi-cap funds provide diversification across market capitalisations, while hybrid funds balance equity and debt for stable returns.
Neuroplasticity: You Can Teach An 'Old' Brain New Skill
A few decades ago, it was believed that the brain’s structure and functions were entirely dependent on genetics, age, and early childhood experiences.