Changes in Income Tax Return

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Changes in Income Tax Return
Changes in Income Tax Return

Filing Income Tax Return is important for every individual who has income in India. Income Tax is a direct tax and every financial year a taxpayer is supposed to file Income Tax Return. The last date to file Income Tax Return for the Financial Year 2017-18 is 31st July 2018 and that’s why we are going to tell you some of the major changes that you must know while you file your Income Tax Return this Financial Year.

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Changes in Income Tax Return

It is better to know the important changes before hand, though the last date to file Income Tax Return remains 31st July 2018, but there are some heavy penalties in case you fail to file your Income Tax Return till the last date. If a taxpayer fails to file ITR till 31st July 2018, but manages to file it by 31st December 2018, then he/she will have to pay a penalty of Rs.5000. Other than this if a taxpayer fails to file IT Return till 31st December 2018 then the taxpayer will have to pay a penalty of Rs.10,000.

Filing ITR

There is a tad bit lower penalty of Rs.1000 for those who have annual income upto Rs.5Lakh. Until last year the taxpayer could have filed his/her ITR for two Financial Year, but from this year onwards the tax filing period has been reduced to one year only. There is no particular change in the mode of filing of IT return and it continues to be in electronic format. However, an option has been provided to individuals having taxable income up to Rs 500,000 without any tax refund claim or super senior individuals (aged more than 80 years), they can file their ITR in paper formay.

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Changes in Income Tax Return

Those taxpayers who are filing ITR 1 Form or Sahaj are required to provide their detailed salary break-up while filing Income Tax Return, which was not required till last year. Similar tone follows for the filing ITR-2 as well.

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