Profit

Have You Filed Your Income Tax Return? Key Things You Need To Know

The taxman has provided seven forms - ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 and ITR 7 - for filing of ITR, and one form - ITR-V - for verification.

 Share
EMAIL
PRINT
COMMENTS
Have You Filed Your Income Tax Return? Key Things You Need To Know

The due date for assessees to file their income tax return (ITR) for assessment year 2019-20 (financial year 2018-19) is August 31. Missing this due date, set by the Income Tax Department, will attract penalty charges up to Rs 10,000. The taxman has provided seven forms - named ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 and ITR 7 - for filing of ITR, and one form - ITR-V - for verification, according to its website - incometaxindia.gov.in. These tax forms are applicable for assessment year 2019-20, which means they relate to income earned in financial year 2018-19. 

Here are key things to know about filing of income tax return (ITR):

What are various income slabs by the taxman?

There are three categories of individual taxpayers- individuals (below the age of 60 years) which includes residents as well as non-residents, resident senior citizens (60 years and above but below 80 years of age) and resident super senior citizens (above 80 years of age). 

What are the income tax exemption limits for an individual?

Individuals having an annual income of up to Rs 2.5 lakh are not required to file income tax returns. For senior citizens (individuals between 60 years and 80 years of age), the limit is Rs 3 lakh, and for very senior citizens (aged above 80 years), the limit is Rs 5 lakh, according to the taxman. 

What are the latest income tax slabs in case of an individual whose age is below 60 years?

Net income rangeActual tax rate
Up to Rs. 2,50,000Nil
Rs 2,50,001 to Rs 5,00,0005.20%
Rs 5,00,001 to Rs 10,00,00020.80%
Rs 10,00,001 to Rs 50,00,00031.20%
Rs 50,00,001 to Rs 1,00,00,00034.32%
Rs 1,00,00,001 to Rs 2,00,00,00035.88%
Rs 2,00,00,001 to Rs 5,00,00,00039%
Above Rs 5,00,00,00042.74%

(As illustrated by ClearTax)

What happens if income tax return is not filed by the due date?

The taxman has stipulated a penalty amount (fee for late filing of income tax return) ranging from Rs. 5,000 to Rs 10,000 for filing of income tax return for assessment year 2019-20 after August 31, 2019, according to its website - incometaxindia.gov.in. The amount of money charged as penalty or fine for a belated ITR increases based on the degree of delay.

Late filing fees of Rs 5,000 is payable if return is furnished after due date but before December 31 of the assessment year. In other cases, late filing fees of Rs 10,000 is payable. However, the amount of late filing fees to be paid cannot exceed Rs 1,000, if the total income of the person does not exceed Rs 5 lakh, according to Income Tax department's website.



Get Breaking news, live coverage, and Latest News from India and around the world on NDTV.com. Catch all the Live TV action on NDTV 24x7 and NDTV India. Like us on Facebook or follow us on Twitter and Instagram for latest news and live news updates.

NDTV Beeps - your daily newsletter

................................ Advertisement ................................

................................ Advertisement ................................

................................ Advertisement ................................

Top