Filing of Income Tax Return for Assesment Year 2018-19 in India.

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Key points to know:
  • The points will be applicable for salaried individual in India.
  • The last date of filing ITR i.e. Income Tax Return will be 31/07/2018 for Financial Year 2017-18 or Assesment Year 2018-19.
  • ITR can be filed after due date with penalty of Rs.5000/ for individual having Annual Income above 5 Lakh and and Rs.1000/- below 5 Lakh but upto 31/12/2018.
  • Penalty amount will be Rs.10000/- upto 31/03/2019 for the first group stated above.
  • ITR-1 will be applicable for salaried individual with annual income below 50 Lakh.
  • 26 AS statement should be downloaded before filing ITR to check all types of income reflected in the said 26 AS statement.
  • Gross Salary, Perks, employment tax etc should be mentioned in efiling to calculate 'Income chargeable under head salaries'.
  • Savings Account interest should be shown in 'Income from other source' head. Maximum Rs.10000/- will be exempted from paying any tax under section 80TTA. Deduction should be mentioned in the said section.
  • FD, RD interest will be fully taxable for individial below 60 years of age and that amount should be mentioned in the head ' Income from other source'.
  • Short term gain is fully taxable and to be mentioned in 'income from other source' by adding different incomes.
  • Incomes like Long Term Capital Gain, Dividend, PPF A/C annual interest etc are tax- free income but all these gain should be reported in ITR.
  • Detail of all Savings/Current Bank Account should be disclosed in ITR with choosing specific bank account for getting refund, if any.
  • Before submitting ITR, the calculated due amount of tax, if any, must be paid under specific challan.






##  Common Investors may collect ebook from the following link for mastering the basics of investment :

### Govt Job Aspirants in Mechanical Engineering (Degree or Diploma) may collect ebook from the following link for cracking Competitive Exams :

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