Income Tax Return Filing Deadline Draws Closer; Know More

New Delhi: The last date for filing income tax return for the financial year 2017-18 or assessment year 2018-19 is July 31.

Here are some important points to know:

1. A tax return is an excess tax that one may have paid the Income Tax Department and must reclaim.
2. It is mandatory for people to file tax returns if their gross total income exceeds Rs 2,50,000 in a financial year.
3. The limits are Rs 3,00,000 for senior citizens (60-80 years old) and Rs 5,00,000 for super senior citizens (more than 80 years old).
4. An NRI with an income of Rs 2,50,000 or more also needs to file a tax return.
5. A tax return is paid along with an interest rate of 0.5% per month starting from April 1 of the assessment year.
6. If you miss the deadline and have a tax liability, you will need to file belated returns and pay the taxes along with a simple interest of 1% per month on the outstanding due, calculated from the July 31 deadline.
7. There are also clear penalties now for being late in return filing.
8. If you miss the deadline, you can file the returns till December 31, 2018 with a penalty of Rs 5000.
9. After December 31, 2018, the penalty to be paid will increase to Rs 10,000.
10. If your income is Rs 5,00,000, you have to pay a penalty of Rs 1000 for late filing.