The last to file Income Tax Return has extended from 31st July 2018 to 31st August 2018 for the Financial Year 2017-18, that’s the reason why we are going to tell you about the things that a taxpayer didn’t know about filing ITR in India.
- If you have a PAN that does not mean that you are required to file ITR
There are a lot of people in India who have a PAN Card, but it is not mandatory for them to file the income-tax return. It is a common believe among people that, if you have a PAN you must file ITR, well that is not true. Only those who have a taxable income and a tax liability are required to file Income Tax Return. Once you become liable to file the income tax return, then you can’t escape this obligation despite the due taxes have been paid to the government by TDS or as advance tax.
- Who are not required to quote their Aadhaar while filing Income Tax Return.
Generally, taxpayers believe that it is mandatory for a taxpayer to provide Aadhaar details while filing Income Tax Return. Here are a couple of categories of individuals who are exempt from providing their Aadhaar details.
- Individuals who are residing in the states of Assam, Jammu and Kashmir and Meghalaya.
- Individuals who are non-resident as per provisions of the Income-tax Act, 1961.
- Individuals whose age is 80 years or more at any time during the previous year.
- Individuals who are not citizens of India.
- Choose the correct ITR Form
Every year Central Board of Direct Taxes notifies the Income Tax Forms for the taxpayers. This year too CBDT has notified seven ITR Forms. While filing your Income Tax Return the taxpayer must file the correct ITR Form as per your source of Income.