All about Income Tax Returns
What is Income Tax?
Before going into the details of how and when to file an ITR, let’s have a brief acount on Income Tax.
An income tax is a tax that is foisted on individuals or organizations that can vary in context to income or profits. Income tax is generally computed as a product of a tax rate times the taxable income. The rates of Taxation may vary by type or characteristics of the taxpayers.
The tax rate might increase as the taxable income increases referring to as a graduated or progressive rates. The tax foisted on companies or any kind of organizations is known as corporate tax and is imposed at a very flat rate of interest.
Knowing more about Income Tax Returns
However, people are taxed on the basis of various rates according to the category in which they fall.
Further, the partnership organizations are also taxed at flat rates. Most administrations absolute locally organized charitable organizations from tax. Capital gains may be taxed at different rates than other income. Credits of various kinds may be allowed that might reduce tax. Some jurisdictions impose the higher of an income tax or a tax on an alternative base or measure of income.
Taxable income of taxpayers resident in the administration is generally total income less income producing expenses and other deductions. Usually, only the net gain from the sale of properties, including goods held for sale, is included in the income. Income of a corporation’s shareholders usually includes distributions of profits from the corporation. The reductions basically include all the income producing or business expenses including an allowance for the recovery of costs of business assets. Many administrations allow the notional reductions for people, and also may allow deduction of some kind of personal expenditure. Most of them either do not tax income earned outside the jurisdiction or allow a credit for taxes paid to other jurisdictions on such income.
Last and Due Date for Filing of Income-Tax Return
You can complete your ITR filing within a time span of just fifteen minutes using the mobile app or the official web portal.
The ITR of the income earned during the previous year is to be filled in the next financial year, i.e. Assessment Year. For the sake of example, the return of the income earned in the financial year 2018-2019(Previous year) is to be filled in the next financial year 2019-2020 which is the Assessment Year.
The due date for filing the ITR for the individuals and the HUF’s(Hindu Undivided Family)[those who are not eligible to audit tax] is July 31 of the reigning Assessment Year. The Government may extend the due date of filing the returns of income under special circumstances.
Due Dates for filing the Income-tax returns:
Financial Year: 2017-2018
Assessment Year: 2018-2019
Due Date: 31st August 2018
Financial Year: 2016-2017
Assessment Year: 2017-2018
Due Date: 31st July 2017
Financial Year: 2015-2016
Assessment Year: 2016-2017
Due Date: 5th August 2016
Financial Year: 2014-2015
Assessment Year: 2015-2016
Due Date: 31st August 2015
Financial Year: 2013-2014
Assessment Year: 2014-2015
Due Date: 31st July 2014
Financial Year: 2012-2013
Assessment Year: 2013-2014
Due Date: 5th August 2013
Point to be Noticed* The last date for filing the Income tax returns for the Financial Year 2018-2019 is 31st March 2019. After this date, the returns for the said year cannot be filed.
The income tax, due date, last date of return filing. The above article gives an explanation about the due date of filing the ITR after the end of a Financial Year.
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