1st April 2018 is the beginning of the Financial Year 2018-19, like every year taxpayers are supposed to file Income Tax Returns by 31st July of the Financial Year. In that case here are some of the points that all the taxpayers should keep in mind before they filing ITR .
Who should filing ITR
Here is the list of People, who must file Income Tax Returns: –
- An individual, below the age of 60, who is a resident of India and whose Gross Total Income for the year is above Rs. 2.5 Lacs.
- An individual, below the age of 80 but above 60, who is a resident of India and whose Gross Total Income for the year is above Rs. 3Lacs.
- A resident individual, who is 80 years or above and whose Gross Total Income for the year is above Rs. 5Lacs.
- All partnership firms, LLP’s, Companies including foreign company etc.
- If Assessee is a company then 30th September 2018 is the last date to file returns for them.
- If Assessee is a company having related party transactions, then 30th November 2018 is the last date to file returns for them.
- Partnership firm whose accounts are liable to be audited can file ITR by 30th September 2018.
- Working Partner of any firm whose accounts are liable to be audited can file ITR by 30th September 2018.
- Other than partnership firms, those whose accounts are liable to be audited can file their returns by 30th September 2018
- Any other Assessee other than above-mentioned can file their Income Tax Returns by 31 July 2018.
ITR Forms that you can use
For the Financial Year 2018-19, ITR Forms 1 to 7 can be used by taxpayers as per their tax liability and the different sources from where they receive their income.
You will have to Verify your taxes with Form 26AS
With the beginning of the new financial year, it is always important to verify the taxes deducted by your employer by logging into income tax portal and verifying Form 26AS. Any mismatch or change should be immediately notified to the employer so that there is no confusion while claiming the tax credits.
What you should do, if your tax is already deducted?
You will have to File Income Tax Returns, if your tax is already paid, then also you will have to file returns.
So, all the taxpayers keep the above-mentioned points in mind, before you file Income Tax Returns this Financial Year.