While a substantial number of income tax payers may have cleared their income tax (I-T) liability for the assessment years 2016-17 and 2017-18, the ones who have not paid as yet can still do so by filing the belated income returns. Ideally, the salaried individuals are expected to pay the income tax return before July 31 of the year following the one for which the income tax return is filed, however, there is a provision to file the return anytime afterwards but before the next financial year’s 31 March. Sample this. For the financial years 2015-16 and 2016-17, also known as assessment years 2016-17 and 2017-18 in the income tax parlance; the income tax payers are meant to file their returns anytime before July 31 of 2016 and 2017, respectively. However, the belated income tax (I-T) returns for these years can also be filed before March 31 of 2018, which is just two weeks from now. Making use of this provision, income tax payers can file the return for these two years gone by.

Here 10 things to know about the deadline for filing income tax returns (ITR):

1.The Income Tax (I-T) Department categorically mentions on its website that the income, exemptions and other deductions that will be claimed now in the return must not deviate from the details mentioned in the form 16/ form 16A.

2. The income tax (I-T) department cautions that the income tax payers should not resort to the last minute rush and they must file their income tax (I-T) returns as soon as possible, before these two weeks expire.

3. You can file income tax return on the department website incometaxindiaefiling.gov.in but make sure that you have your form 16. You don’t need to go anywhere or approach anyone to do the job for you.

4. For filing the income tax return, you must give your user ID and password to be able to open your income tax (I-T) filing web page on the department website.

5. You can submit the taxable income details, and the exemptions that you claim to be able to ascertain the income tax (I-T) liability. 

6.Once you submit the income details, the system will tell you the tax liability (if any) or the income tax return (if any), as the case may be.

7. Please be informed that the income tax department website also allows you to calculate your income tax (I-T), to update PAN (permanent account number), to link aadhaar with your PAN, among other things.

8. 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.

9. If you have any income generated in form of rental income from a property you own, you should make sure that you calculate tax by adding that income as well.

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.

 

Source: NDTV

 

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