Income Tax Returns 2018: All your questions answered

Anyone with his/her annual income exceeding Rs 250,000 is supposed to file the tax returns. There is a relaxation in the income limit for senior citizens — Rs 300,000 for senior citizens (more than 60 years old, but less than 80 years old) and Rs 500,000 for super-senior citizens (more than 80 years old).

When is the last date to file IT returns

The last date for filing tax returns is July 31. If you miss the deadline, and if you have a tax liability, you’ll need to file belated returns and pay your taxes along with a simple interest of 1 per cent per month on the outstanding due, calculated from the July 31 deadline. Read more

What documents are required

There is a slew of documents required for filing IT returns online. One must keep PAN number, Aadhar number and bank account details ready prior to filing the form. Here are the rest of the documents one may need according to their suitability while filing online IT returns. Read more

Why you should file income tax returns even if your salary is non-taxable

Many taxpayers are oblivious to the benefits they miss out on, and the consequences that follow, if they don’t file their returns. There’s a lot of confusion – especially among those whose income falls below Rs 2.5 lakh per year – about whether there they need to file an ITR or not. Read more

Where to file online IT returns

The IT returns filing process has become largely online. There are two ways to file the form online. One is by manually entering all details and submitting the return online. The other is by uploading XML files through offline methods.

Taxpayers can now file their returns from the comfort of their home by registering not only on the income tax department website i.e., http://www.incometaxindiaefiling.gov.in. but some other websites as well.

How to file IT returns

All the seven forms for filing IT returns have been made available online by the tax department. ITR form 1 Sahaj is for the individuals with income from salary and interest basically those whose income is up to Rs 50 lakh. Unlike last time, the ITR Form-1 (Sahaj) has undergone many changes.

Here’s how you can file ITR form 1 and all other forms.

Mistakes one can avoid while filing IT returns online

Most people procrastinate in filing the IT returns and fumble in the process as the deadline approaches. Filing incorrect or incomplete income sources, mismatching form 16 and form 26AS or choosing the wrong ITR form are some of the common mistakes observed during the filing of income tax returns. Read more