Income Tax

INCOME TAX RETURNS-min

INCOME TAX RETURNS

INCOME TAX RETURNS

Income Tax returns are required to be filed if the gross total income exceeds the basic exemption limit. For the year ended 31st March 2019, the basic exemption is Rs. 2.5 lakhs for an ordinary individual, Rs. 3 lakhs for an individual over 60 years and Rs. 5 lakhs for an Individual above 80 years.

After collecting all the needed documents and verifying all the taxes that are deducted from the income, the total income chargeable to tax is computed. The word gross total income is not the same as the income on which your tax liability is calculated. Gross total income is the income calculated before any deduction under Sections like 80 C, 80 CCC, 80 CCD, 80D,80DD, 80DDB 80E, 80EE, 80G and 80 GGA, 80U and 80 TTA is availed.

In case you are required to file a return as discussed, the due date is July 31. The due date is applicable generally in case of individual taxpayers. However in case you are carrying on a business and your accounts are required to be audited, the due date gets extended till 30th September. Even for the people who are working partners in partnership firms, whose accounts are audited, the due date is 30th September.

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