In every country Of the World , Filing tax returns and Making payment of Income Tax is considered to be very Important. The person Who Files for Due date of Income Tax return is considered to Be a responsible Citizen of That Country.
If a Person Is Filing and paying Income Tax or TdS Return on time , He or she will Be entitled to benefits such as capital losses and gains will get an adjustment,tax refunds will be easy to claim if you file income tax returns,Loans will come to you easily if you have been filing your tax returns accurately,You will be able to claim your tax deductions very easily and Owning assets will be much easier.
Important Announcement of Income Tax Due Date 2018
The Central Board of Direct Taxes on Thursday have extended the deadline for filing due date of income tax return for assessment year 2018-19 after a lot of consideration over the matter of income Tax Filing Date. The deadline of July 31, 2018 has been extended by a month, the Ministry of Finance said in a statement that was released In the Press. That means the Taxpayer who are required to TDS File Income tax return can file their income tax return (ITR) for financial year 2017-18 by August 31 without any penalty charges. The Central Board of Direct Taxes imposes a fine up to Rs.10,000 for delayed filing of income tax returns. Filing the income tax return after the new deadline of August 31 will attract a penalty of up to Rs. 10,000 as per existing rules.
As Per the Income Tax act ,It becomes mandatory for people to file Income Tax due date if their gross total income before allowing deductions under section 80C to 80U exceeds Rs 2,50,000 in a financial year that is from 1st april to 31 march in India.As per the Income Tax act , The limit is Rs 300,000 for senior citizens who are more than 60 years old, but less than 80 years old and Rs 500,000 for super-senior citizens more than 80 years old. One can file his/her return involuntarily even if your income is less than the maximum exemption limit or you can file Nil Income tax return.
Conclusion for Income Tax Due Date 2018
Filing of Income Tax due date is very Important for all The People who are involved in Business. Filing of The Income Tax Return helps the government in paying salaries to government employees, your Money also helps In supporting Police and firefighters etc, If you Pay taxes Your Money will be used to build and maintain roads and your money Will be used to build Other Public Facilities. You Must Make sure that you File your Income tax due date on time and If you are Not sure of the process , You can always take Help of a professional Ca, Cs and Legal service Provider firm.