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.
Bu hikaye Investors India dergisinin July 2018 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Giriş Yap
Bu hikaye Investors India dergisinin July 2018 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
Thematic Fund Or Sectoral Fund, Which Fund Suits You?
A thematic fund is a type of mutual fund that focuses on investing in companies based on specific themes or trends.
Be Kind To Your Kidneys
The kidney is a vital organ in our body which is four inches long and two and a half inches in width.
Have You Included A Passive Fund In Your Portfolio Yet?
The assets under management (AUM) of passive funds recently crossed the Rs. 10 lakh mark. While a significant portion of this money comes from institutional investors, such as the Employees Provident Fund Organisation (EPFO), these funds are also gaining popularity among retail investors.
Mutual Fund
1. SEBI allows mutual funds to buy and sell credit default swaps (CDS)
Insurance News
1. The finance minister has launched a new NPS scheme named NPS Vatsalya
ASK THE EXPERT
Dear Sir, I attended your webinar on post-retirement financial planning. As advised by your good self, I invested in NPS after retirement.
Market Mystery: Some Important Investing Lessons from Fund Managers Themselves
Mr. Mahesh Patil is the Chief Investment Officer (CIO) of Aditya Birla Sun Life AMC Limited. As the CIO Mahesh oversees INR 3 lakh crore of assets under management.
How to make a cautious entry into equity funds during a bull market
The number of mutual fund folios has been rising, with flows via the systematic investment plan (SIP) route reaching new highs.
All that you need to know to kickstart your retirement planning process
We all enjoy planning for the future. It’s a good idea to plan ahead of time for anything, from the day’s activities to a vacation.
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.
