Assessees have been asked to disclose details of certain cash deposits made during notes ban
Highlights
- July 31 is the last date to file income tax return
- If your income exceeds the taxable limit, you are required to file ITR
- Quoting of Aadhaar has been made mandatory for filing of ITR
Have you filed your income tax return (ITR) for assessment year 2017-18? The last date to do so is July 31 this year. Individuals with total income exceeding the taxable limit are required to file ITR. Also remember to disclose information of cash deposited in your bank account aggregating to Rs 2 lakh during a 50-day period last year - from November 11 to 30 December, 2016. This was said by the Income Tax Department in a post on microblogging site Twitter.
The Income Tax Department also mentioned certain taxpayers who are required to e-file their ITRs before July 31, 2017.
Individuals and HUF having total income exceeding Rs 5 lakh or claiming any refund in the return (excluding individuals of the age of 80 years or more who are furnishing return in Form ITR-I or ITR-2
Individual or HYF being a resident other than not ordinarily resident having any foreign asset/income or claiming any foreign tax relief
Persons filing ITR in Form 3, Form 4, Form 5 and Form 7
For e-filing return of income log on to incometaxfiling.gov.in
Validate your e-filed return after opting for Electronic Verification Code (EVC)
From assessment year 2017-18, the Union Budget halves the income tax rate to 5 per cent for individuals having taxable income between Rs. 2.5-Rs. 5 lakh.
In the general category - person up to 60 years of age - tax will be applicable if income is more than Rs. 2.5 lakh. For income of Rs. 0-Rs. 2.5 lakh no tax will be applicable. A tax of only 5 per cent will be applicable if income is between Rs. 2.5-5 lakh. Further, the income tax rebate of up to Rs. 5,000 which was earlier given for taxable income up to Rs. 5 lakh, has been reduced to Rs. 2,500 and it will be available for taxable income of up to Rs. 3.5 lakh. It means if an individual has a taxable income of Rs. 3 lakh, his net tax liability will be zero (tax @5% on Rs. 50,000 is Rs. 2,500 minus rebate of Rs. 2,500).
| Income | Tax |
| Up to Rs. 2.5 lakh | Nil |
| Rs. 2,50,001-Rs. 5 lakh | 5% |
| Rs. 500,001-Rs. 10 lakh | 20% |
| Above Rs. 10 lakh | 30% |
For example, for individuals with a taxable income of Rs. 55 lakh, the tax liability will from this year be increased to Rs. 16.57 lakh now (income tax of Rs. 14.62 lakh plus surcharge of Rs. 1.46 lakh and education & higher education cess of Rs. 48,263) from Rs. 15.19 lakh earlier.
Meanwhile, quoting of Aadhaar has been made mandatory for filing of income tax returns. If you have a valid Aadhaar, the same needs to be linked with your PAN and it is mandatory for filing your Income Tax Return from 1-Jul-2017 onwards, according to the Income Tax Department's e-filing portal - incometaxindiaefiling.gov.in.