Have You Filed Your Income Tax Return? Five Things You Need To Know

August 31, 2018 is the due date for assessees to file their income tax return (ITR) for financial year 2017-18. Missing this due date, set by the Income Tax Department, will attract penalty charges up to Rs 10,000. The Income Tax Department has time and again urged the assessees to file their income tax return before the due date to avoid last minute rush. The taxman has provided seven forms - named ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 and ITR 7 - for filing of ITR, and one form - ITR-V - for verification, according to its website - incometaxindia.gov.in. These tax forms are applicable for assessment year 2018-19, which means they relate to income earned in financial year 2017-18. The Income Tax Department had earlier this week extended the due date for assessees in flood-hit Kerala by 15 days.Here are five things to know about filing of income tax return (ITR):1. What are various income slabs by the taxman?According to tax laws, individuals earning a particular amount of annual income must file income tax return (ITR). Income tax is levied on individual taxpayers on the basis of a slab system where different tax rates have been prescribed for different slabs. There are three categories of individual taxpayers - general (below the age of 60 years), senior citizens (60 years and above but below 80 years of age) and super senior citizens (above 80 years of age). In the general category, individuals with annual income up to Rs. 2.5 lakh are not liable to pay income tax. For individual with an income between Rs. 2.5 lakh and Rs. 5 lakh, income tax at the rate of five per cent is applicable. (Read more)