Here’s all you need to know about filing extended last date to file ITR

When the financial year comes to a close, all the people think about is filing of the IT Returns for that year.

The last date of filing the income-tax return for fy 2016-2017 and ay 2017-2018 is 31st July . The purpose of this article is to know about all the things which a taxpayer needs to know about last date to file ITR.

Here are the current Income tax slab rate:

For Men Below 60 Years Of Age

Income upto Rs 2,50,000 - Nil

Income between Rs 2,50,000 - Rs 5,00,000: 5% of Income exceeding Rs 2,50,000

Income between Rs 500,001 - Rs. 10,00,000: 20% of Income exceeding Rs 5,00,000

Income above Rs 10,00,000: 30% of Income exceeding Rs 10,00,000

For Women Below 60 Years Of Age

Income upto Rs. 2,50,000: Nil

Income between Rs 2,50,001: Rs 500,000: 5% of the Income exceeding Rs 2,50,000

Income between Rs. 500,001 - Rs 10,00,000: 20% of the Income exceeding Rs 5,00,000

Income above Rs 10,00,000: 30% of the Income exceeding Rs 10,00,000

For Senior Citizens (Age 60 years or more but less than 80 years)

Income upto Rs 3,00,000: Nil

Income between Rs 3,00,000 - Rs 500,000: 5% of the Income exceeding Rs 3,00,000

Income between Rs 500,000 - Rs 10,00,000: 20% of Income exceeding Rs 5,00,000

Income above Rs 10,00,000: 30% of Income exceeding Rs 10,00,000

For Senior Citizens (Age 80 years or more)

Income upto Rs 5,00,000: Nil

Income between Rs 500,000 - Rs 10,00,000: 20% of the Income exceeding Rs 5,00,000

Income above Rs 10,00,000: 30% of the Income exceeding Rs 10,00,000

Facts and importance of Income Tax Return Filing:

• Income Tax Return filing is considered as a piece of an evidence for the income earned by an individual

• If one does not adhere to the laws of the country, then the money which the taxpayer earns becomes Black Money

• Filing of the IT return does not attract attention of the IT department .

• Through the payment of taxes, one can contribute towards determining of the national income

• Filing of income tax returns is considered to be mandatory for the purpose of applying for a VISA

• The banks generally do not issue credit cards if one is not a tax payer

• Filing of an ITR generally provides legality to the income which is earned by the taxpayer . It is however considered as a standard proof of the income .

• Even if some part of the taxpayer’s income is getting deducted by the employer, it is however mandatory for the taxpayer to file an ITR .

• When one can carry the risk of not filing his ITR, he genrally runs with the risk of paying a penalty which is however of Rs 5,000 .

• Filing of ITR also helps the taxpayer in applying for a loan

• Paying of the tax returns keeps the taxpayer updated with the IT department

• It also helps when the taxpayer makes any investment. It is considered as a proof that the taxpayer’s source of income is considered as liable.

Things which the taxpayer is supposed to keep in mind:

• Even if one has missed the deadline, one can still go and then file the IT return without any kind of delay .

• If there is any tax liabilities for the taxpayer to pay, then the penal interest gets added to each month until the taxpayer pays his tax returns .

• There is however no penalty if the taxpayer has missed out the last date

• Taxpayer can also file his tax either directly at the Income Tax department or either online

• The taxpayer can also download the form from the website or he can get it from the Income Tax department.

This article has been contributed by Simran Kaur, Content Writer, LegalRaasta- an online platform for income tax return filing, TDS return filing etc.