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Here’s all you need to know about filing extended last date to file ITR

When the financial year comes to a close, all the people think about is the filing of the IT Returns for that year.

The last date of filing the income-tax return for fy 2016-2017 and ay 2017-2018 is  31st July. The purpose of this article is to know about all the things which a taxpayer needs to know about the last date to file ITR.
Here are the current Income tax slab rate:
For Men Below 60 Years Of Age
Income upto Rs 2,50,000 – Nil
Income between Rs 2,50,000 – Rs 5,00,000: 5% of Income exceeding Rs 2,50,000
Income between Rs 500,001 – Rs. 10,00,000: 20% of Income exceeding Rs 5,00,000
Income above Rs 10,00,000: 30% of Income exceeding Rs 10,00,000

For Women Below 60 Years Of Age
Income upto Rs. 2,50,000: Nil
Income between Rs 2,50,001: Rs 500,000: 5% of the Income exceeding Rs 2,50,000
Income between Rs. 500,001 – Rs 10,00,000: 20% of the Income exceeding Rs 5,00,000
Income above Rs 10,00,000: 30% of the Income exceeding Rs 10,00,000

For Senior Citizens (Age 60 years or more but less than 80 years)
Income upto Rs 3,00,000: Nil
Income between Rs 3,00,000 – Rs 500,000: 5% of the  Income exceeding Rs 3,00,000
Income between Rs 500,000 – Rs 10,00,000: 20% of Income exceeding Rs 5,00,000
Income above Rs 10,00,000: 30% of Income exceeding Rs 10,00,000

For Senior Citizens (Age 80 years or more)
Income upto Rs 5,00,000: Nil
Income between Rs 500,000 – Rs 10,00,000: 20% of the Income exceeding Rs 5,00,000
Income above Rs 10,00,000: 30% of the Income exceeding Rs 10,00,000

Facts and importance of Income Tax Return Filing:

  • Income Tax Return filing is considered as  a piece of an  evidence for the  income earned by an individual
  • If one does not adhere to the laws of the country, then the money which the taxpayer earns becomes Black Money
  • Filing of the IT return does not attract attention of the IT department .
  • Through the  payment of taxes, one can  contribute towards determining of the national income
  • Filing of income tax  returns is considered to be  mandatory for the purpose of  applying for a VISA
  • The banks generally do not issue credit cards if one is not a tax payer
  • Filing of an ITR generally provides legality to the income which is earned by the taxpayer. It is however considered as a standard proof of the income.

Even if some part of the taxpayer’s  income is getting deducted by the employer, it is, however, mandatory for the taxpayer to file an IITR.

  • When one can carry the risk of not filing his  ITR, he generally runs the risk of paying a penalty which is however of  Rs 5,000.
  • Filing of ITR  also helps the taxpayer in applying for a loan
  • Paying of the  tax returns keeps the taxpayer  updated with the IT department
  • It also helps when the taxpayer makes any investment. It is considered as a proof that the taxpayer’s source of income is considered as liable.

Things which the taxpayer is supposed to keep in mind:

  • Even if one has missed the deadline, one can still go and then file the  IT return without any kind of delay.
  • If there are any tax liabilities for the taxpayer to pay, then the penal interest gets added to each month until the taxpayer pays his tax returns.
  • There is, however, no penalty if the taxpayer  has missed out the last date
  • Taxpayer  can also  file his  tax either directly at the Income Tax department or either online
  • The taxpayer can also download the form from the website or he can get it from the Income Tax department.

This article has been contributed by Simran Kaur, Content Writer, LegalRaasta- an online platform for income tax return filing, tds return filing etc.

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Here’s all you need to know about filing extended last date to file ITR
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