Key points to know:
- The points will be applicable for salaried individual in India.
- The last date of filing ITR i.e. Income Tax Return will be 31/07/2018 for Financial Year 2017-18 or Assesment Year 2018-19.
- ITR can be filed after due date with penalty of Rs.5000/ for individual having Annual Income above 5 Lakh and and Rs.1000/- below 5 Lakh but upto 31/12/2018.
- Penalty amount will be Rs.10000/- upto 31/03/2019 for the first group stated above.
- ITR-1 will be applicable for salaried individual with annual income below 50 Lakh.
- 26 AS statement should be downloaded before filing ITR to check all types of income reflected in the said 26 AS statement.
- Gross Salary, Perks, employment tax etc should be mentioned in efiling to calculate 'Income chargeable under head salaries'.
- Savings Account interest should be shown in 'Income from other source' head. Maximum Rs.10000/- will be exempted from paying any tax under section 80TTA. Deduction should be mentioned in the said section.
- FD, RD interest will be fully taxable for individial below 60 years of age and that amount should be mentioned in the head ' Income from other source'.
- Short term gain is fully taxable and to be mentioned in 'income from other source' by adding different incomes.
- Incomes like Long Term Capital Gain, Dividend, PPF A/C annual interest etc are tax- free income but all these gain should be reported in ITR.
- Detail of all Savings/Current Bank Account should be disclosed in ITR with choosing specific bank account for getting refund, if any.
- Before submitting ITR, the calculated due amount of tax, if any, must be paid under specific challan.
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