Last Date To File Income Tax Return Here Are The Details

From this year, quoting of Aadhaar has been made mandatory for filing of income tax returns as well as applying for a new PAN.

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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