Today (July 31) is the deadline for filing your income tax return (ITR). The government has said that it will not extend the deadline. Here are some of the basics facts to remember for all taxpayers who are rushing to meet the deadline.

Income tax return or ITR is a statement of income earned by a person in a financial year. The person (other than company & firm) whose total income exceeds the specified threshold limit in a financial year is to file income tax return for that financial year.

Eligible persons

As per section 139 of Income Tax Act, 1961 (IT Act), every person whose total income exceeds the following specified limits is required to file income tax return. The limits for individual person are as follows:

income tax return exemption limit

Income

Gross total income is the income earned by individual under the 5 heads. The tax will be calculated on the total income of the person. The total income is calculated by deducting the deductions u/s 80C to 80U of Chapter VI of Income Tax Act, 1961 from gross total income.

Forms for filing income tax return

The forms for different categories of persons are as follow:

income tax return 1

Due dates

• The due date for filing of income tax return is 31st July and 30th September (in case accounts is to be audited other than case of Transfer Pricing).
• The return of a previous year (i.e. of a particular financial year) can be filed till the end of assessment year.
• If the return is filed within due date, it can be revised subsequently, however such revised return can be filed till the end of relevant assessment year or before the completion of assessment (whichever is earlier).

Tax slabs

The income tax slab rates for Previous Year 2016-17 or Assessment Year 2017-18 is as follow:

1. For Individual tax payers and HUF (Less than 60 Years Old):

income tax return slab1

2. For Senior Citizens (60 Years Old or more but less than 80 Years old):

income tax return slab2

3. For Individual tax payers and HUF (80 Years Old or more):

income tax return slab3

You may also calculate your income tax liability using online calculator.

Notes:

1. Surcharge: 15% of income tax, where total income exceeds INR 1 Crore.
2. Cess: 3% on total of income tax + Surcharge (if any).
3. There is a tax rebate of upto INR 5,000/- to resident individual whose total income does not exceed INR 5,00,000/-.

E filing of ITR

The return can be filed electronically or manually, but in some cases it is required to efile the income tax return online. The e-filing is mandatory in the following cases:

• In case of income tax refund
• If taxable income is more than INR 5,00,000
• ITR - 3, 4, 4S, 5, 6, 7 have to be mandatorily e filed

Pre-requisites documents

Pre-requisites documents for filing income tax return:

• A copy of last year’s income tax return
• Bank Statement
• TDS Certificates
• Saving Certificates/Deductions
• Interest statement showing interest paid to you throughout the year.
• Balance Sheet, P & L Account Statement and other Audit Reports wherever applicable.

Important Notes:

• For filing the income tax return online, the person must hold a valid PAN card and individual has to link his / her Aadhar number with PAN.
• Resident individual having foreign assets or beneficiary of foreign asset or a signing authority in any account located outside India, shall also file his income tax return, even if he is otherwise not required to file income tax return.
• The individual whose total income exceeds INR 50,00,000 have to disclose his assets and liabilities under Schedule AL of respective applicable ITR form.
• In case of loss under any head of Income (like loss on sale of immovable property or share, etc.), return should be filed before due date otherwise the loss could not be carried forward.
• After assessing your income tax return, the income tax department processes your income tax refund.