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31st July is the last date for filing Income-tax returns!
Posted on: 23/Jul/2014 4:29:46 PM
Filing income-tax returns as per dates scheduled by the government will prevent fines and interest and such additional expenses.
For the financial year 2013-14 ending on 31st March, income-tax returns must be filed before 31st July.
Most people get confused at the thought calculating IT and filing returns. They also tend to neglect it or postpone it! However, it could end up in all sorts of trouble later.
Experts in this field explain who are all to file income-tax returns:
The filing of income tax returns is based on the financial year, normally from 1st April to 31st March. Naturally this forms a 2-year bracket, for example, financial year 2013-14. Failure to file IT returns within the stipulated date can create problems later.
The calculation details of income, taken from 1st of April of any year is known as assessment year for that year.
Now, we have to pay income tax for the assessment year 2014-15. It is essential to file the IT return even after copy of the Income Tax debuted by the employing company furnished on Form 16.
According to the previous years’ IT rules, no tax is to be paid by those who earned less than Rs. 2 Lakhs in the year. After calculating the tax for the excess income (above Rs. 2 Lakhs), it is permitted to deduct only Rs. 2000/-.
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