All about Income Tax Returns
What is the Income Tax?
Prior to delving into the subtleties of how and when to record an ITR, we should have a brief acount on Income Tax.
An annual duty is an expense that is foisted on people or associations that can shift in setting to pay or benefits. Annual duty is by and large registered as a result of an assessment rate times the available salary. The paces of Taxation may shift by type or qualities of the citizens.
The tax rate might increase as the taxable income increases referring to as a graduated or progressive rate. The tax foisted on companies or any kind of organization is known as corporate tax and is imposed at a very flat rate of interest.
Knowing more about Income Tax Returns
Notwithstanding, individuals are burdened based on different rates as per the class where they fall.
Further, the association associations are additionally charged at level rates. Most organizations total privately sorted out altruistic associations from charge. Capital additions might be charged at unexpected rates in comparison to other income. Credits of different sorts might be permitted that may diminish charge. A few wards force the higher of an annual expense or a duty on an elective base or proportion of salary.
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. The 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 2019-2020 is to be filled in the next financial year 2020-2021 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 2020-2021is 31st March 2020. 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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