Last Date To File Income Tax Return Here Are The Details

y 31, 2017.

Individuals and HUF having total income exceeding Rs. 5 lakh or claiming any refund in the return (excluding individuals of the age of 80 years or more who are furnishing return in Form ITR-I or ITR-2

Individual or HYF being a resident other than not ordinarily resident having any foreign asset/income or claiming any foreign tax relief

Persons filing ITR in Form 3, Form 4, Form 5 and Form 7

For e-filing return of income log on to incometaxfiling.gov.in

Validate your e-filed return after opting for Electronic Verification Code (EVC)

From assessment year 2017-18, the Union Budget halves the income tax rate to 5 per cent for individuals having taxable income between Rs. 2.5-Rs. 5 lakh.

In the general category – person up to 60 years of age – tax will be applicable if income is more than Rs. 2.5 lakh. For income of Rs. 0-Rs. 2.5 lakh no tax will be applicable. A tax of only 5 per cent will be applicable if income is between Rs. 2.5-5 lakh. Further, the income tax rebate of up to Rs. 5,000 which was earlier given for taxable income up to Rs. 5 lakh, has been reduced to Rs. 2,500 and it will be available for taxable income of up to Rs. 3.5 lakh. It means if an individual has a taxable income of Rs. 3 lakh, his net tax liability will be zero (tax @5% on Rs. 50,000 is Rs. 2,500 minus rebate of Rs. 2,500).

Meanwhile, quoting of Aadhaar has been made mandatory for filing of income tax returns. If you have a valid Aadhaar, the same needs to be linked with your PAN and it is mandatory for filing your Income Tax Return from 1-Jul-2017 onwards, according to the Income Tax Department’s e-filing portal – incometaxindiaefiling.gov.in.

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