Income tax returns (ITR) filing: Haven't done your homework? As deadline looms, here are 5 things to know

Income Tax return(ITR) for the year must be filed for the income earned by any individual, HUF, BOI, AOP, firms,and Companies during the financial year (FY) that has just flown by. The financial year is reckoned from 01st April to 31st March of the next year. For the FY 2017-2018 a few key points that must be taken care of before considering the filing of ITR.

1. Who needs to file Income ITR?

Following persons must file the ITR:

• A resident individual,below the age of 60, whose Gross Total Income for the year is above Rs. 2.5 Lacs.
• A resident individual,below the age of 80 but above 60, whose Gross Total Income for the year is above Rs. 3Lacs.
• A resident individual,who is 80 years or above, whose Gross Total Income for the year is above Rs. 5Lacs.
• All partnership firms, LLP’s, 
• Companies including foreign company

2. Due Dates for ITR filing?

• Assessee being a company 30 September 2018
• Assessee being a company having related party transactions 30 November 2018
• Partnership firm whose accounts are liable to be audited 30 September 2018
• Working Partner of the firm whose accounts are liable to be audited 30 September 2018
• Other than partnership firms whose accounts are liable to be audited 30 September 2018
• Any other assessee other than above four 31 July 2018

3. ITR FORMS to be used?

ITR FORM 1 to 7 had been notified for the last year for filing the ITR for FY 2016-2017 which can be seen on the Income Tax Department’s website. Now for FY 2018-2019 these forms shall be notified again after March this year. Taxpayers can choose from the different forms which is suitable for them as per the different sources from which the income was received from them. 

4. Verify your taxes deducted with Form 26AS

Once you enter the new financial year, it is always important to verify the taxes deducted by your employer by logging into income tax portal and verifying Form 26AS.  Any mismatch should be immediately notified to the employer so that there is no hassle to claim the tax credits. 

5. The tax has already been deducted, shall I file ITR?

Yes. The ITR shall be filed by all whose income crosses the threshold limit of taxability as specified above. Although there are cases in which your income did not cross the threshold limit, yet TDS was deducted while the payment was being made to you. In such cases you should file the ITR, declare the income as below the taxable limit and you can claim refund for TDS that was deducted earlier.

With the advancement in technology filing of ITR has become easier especially for small income group. But remember although a date for linking of Aadhaar number has been extended, it still must be specified for the filing of ITR. 

Happy ITR filing!

(By Harpreet Singh. The author is tax consultant with TASS Advisors LLP)