Be ready for a long haul even if there are punching errors from these service providers
Good news is that the income-tax department has extended the last date for filing ITR from July 31 to August 31, 2019
There have been demands for an extension in filing ITR date since issuance of tax deducted at source (TDS) statement for 2018-19 fiscal was delayed
Also, any person claiming the benefits of tax exemption from long term capital gains under various provisions under section 54 of the Income Tax Act will have to file a tax return
Individuals (residents and non-residents) need not pay taxes on income up to Rs 2.5 lakh. Beyond this limit, their income becomes taxable based on slab rates prescribed under the law
ITR-1 can be used to report income from salary, one house property, income from other sources, and agricultural income of up to Rs.5,000.
Part B of Form 16 has been amended seeking more details about the allowances exempt under section 10 such as HRA, LTA, etc and deductions allowed under Chapter VI-A of the Income Tax Act, 1961.
Some significant benefits available to senior citizens and super senior citizens have been discussed in this article
The returns whose numbers have been disclosed recently belong to the fiscal year 2017-18
The revision has to be done before the end of the financial year for which return was filed, i.e., 31st March 2019 for AY2018-19
If your total income for the financial year 2017-18 is more than Rs 250,000, you must file your income tax return by 31st August 2018
If you fail to file the return by March 31, 2019, you will never be able to file the return
CBDT intends to add a sizeable number of new taxpayers in the current financial year
Since you will have more than one Form 16, you need to check whether you have an outstanding tax liability
File on time and keep your documents safe even after filing in case your ITR is scrutinised later on
This is the last chance you have to file your returns for that year; you will not be able to do so later
While filing these returns, there is always the possibility of an unintentional or arithmetic error or an omission of details creeping into the return
If the tax due is zero, there is no case for imposing a penalty for a technical failure of non-submission of income tax return within the stipulated time
E-filing of tax returns jumps 21% till August 1
Only salaried individuals having an income up to Rs 50 lakh can use this form