Income Tax Return (ITR) Filing Deadline Just One Day Away. 10 Things To Know

Though most individual tax payers must have paid the income tax (I-T) for the past two previous years 2015-16 and 2016-17 before July 31 of 2016 and 2017, respectively, but there could be some who are yet to file their belated income tax returns (ITR). For such persons, there is a provision for filing the return by March 31 of 2018. The previous years 2015-16 and 2016-17 are also known as the assessment years 2016-17 and 2017-18, respectively, in the income tax parlance. The income tax department recently gave newspaper advertisements sensitising the tax payers that they should n't be afraid of revealing their income to the government agency. The department underscored the fact that fewer than 1% of the cases are scrutinized after the returns are filed and over 99% of the tax payers are not made to explain any discrepancy between the income they reveal and what is otherwise hinted by their bank statements and other documentary evidence. Under the tagline of "We Trust You," the income tax (I-T) department tries to calm the tempers of reluctant tax payers. As the deadline for filing income tax returns (ITR) draws close, Ten things to know: 1. Income tax (I-T) department highlights on its website that the income, exemptions and other deductions that will be claimed ought not deviate from the details that are mentioned in the form 16/ form 16A. 2. The income tax (I-T) department warns that the income tax (I-T) payers must file their income tax (I-T) returns as soon as possible, before these two days expire. 3. One can submit the income tax return (ITR) on the department website incometaxindiaefiling.gov.in. However, one should make sure that you have your form 16. You don't need to go anywhere or seek anyone's help for the job. 4. To be able to file the income tax return (ITR), you must submit your user ID and the password for opening the web page on the portal. 5. You should check the form 26AS to ascertain your total income (on which tax has been paid). The form 26AS also carries the names of deductors (who have deducted TDA and deposited the tax with the department) and their tax deduction account numbers. 6. If you have any rental income from a property you own, you ought to ensure that you consider that income as well for calculating the income tax. 7. You can submit the taxable income details, along with the exemptions that you claim for ascertaining the income tax (I-T) liability. 8. After submitting the income details, the system will tell you the tax liability (if it arises) or the income tax return, as the case may be. 9. The income tax department portal enables you to ascertain the income tax (I-T), to update PAN (permanent account number), to link the aadhaar with your PAN, among other things. 10. All the incomes that accrued in the respective financial years on account of interest income from a bank if it exceeds Rs. 10,000 is also taxable.

Income Tax Return (ITR) Filing Deadline Just One Day Away. 10 Things To Know

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