Income Tax Filing - July 31st

July is the season for filing your tax returns for the previous year. While most tax payers would be engaged in filing their annual tax declarations to their company for the current year, let us not forget about the last duty due for the previous year. Who should file and when? As per the relevant provisions of the Income Tax Act, 1961 (‘the Act’), every individual whose total income for the year, before accounting for the tax-saving investments and expenses, exceeds the prescribed exemption limit (which is Rs 1.9 lakh for resident women; Rs 2.5 lakh for senior citizens, Rs 5 lakh for ultra senior citizens and Rs 1.8 lakh for other individuals) is obligated to file his tax return. Every individual (except for those who are subject to audit under the Act and / or who is a partner in a partnership firm which is subject to audit under the Act), has to file his return by 31st July. In other cases, the due date will be 30 September. Like our Facebook Page Read more