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The filing of income-tax returns will extend up to a month, by August 31.

Business

  • Demand for increasing date after release of TDS details was delayed
  • Time for companies to issue Form 16 was extended till July 10

new Delhi. The Income Tax Department has extended the last date of filing of income tax return of 2018-19 to one month from August 31. The Central Board of Direct Taxes (CBDT) on Tuesday said that the date for individual and such taxpayers, including the salary clerk, has been increased, whose accounts do not require audit. After the release of the TDS details, the demand for increasing the date of filing of the returns was being demanded. Last month, the Income Tax Department had extended the time for the issuance of Form 16 of TDS till July 10.

Selection of the Right from the ITR Seven Forms The selection of the appropriate form for filling the required Income Tax return is also essential. Also, you can choose the method of return according to your income source. If you are filling ITR-1 and ITR-4 then you will be able to fill it directly online so much easier.

Income from wages, business or business, income from domestic property, income from capital gains and income from other sources is considered taxable. On the basis of income source the taxpayer returns the returns on the relevant form. According to the source of income, the income tax department has fixed seven return forms and every taxpayer has to see how his income is, the right form should be selected.

Income Tax Return Form ITR1 (Intangible): The total income from salary, pension, rent, interest or other sources is up to 50 lakh. This is not for NRI.

ITR 2: Individual or Hindu undivided family whose income is not from any business. ITR3: Individual or Hindu undivided family whose income is from any business. ITR 4: Income from Business and Business ITR5: Those who are not individual, Hindu undivided family, company or ITR 7 are not filling. ITR 6: Additional companies of companies seeking a discount under Section 11 ITR 7: Those people or companies who are filing returns under Section 139 (4A) or 139 (4b) or 139 (4C) or 139 (4D) or 139 (4E) or 139 (4F) needed.

Some of the major sections of section 80C exempt from income tax : Under this, you can get a rebate of income up to a maximum of Rs 1.5 lakh per annum. In this, you get a discount on deposit in the form of PPF, EPF, Tax Free Fix Deposit in the Bank, National Savings Certificate, ELSS Mutual Fund, Child Education Fee, Life Insurance Premium etc.

Section 80ccd: National Pension Scheme (NPS), 10% of the maximum salary (original + DA) can be deposited in it. This deposit is exempt from income of Rs. 50,000 annually, except for the exemption under 80C.

Section 80EE: If you have taken less than 3.5 million loan to buy a home for 50 lakh houses for the first time in 2016-2017, you can get a discount of up to 50,000 on its interest.

Section 80 TTA: There is a discount on interest of ten thousand on Savings Account. This fix does not apply to the deposit. Senior Citizens can get discounts of Rs 50,000 on all deposits.

Section 80E: On the interest of education loan for anyone in your family or for the student, for which you are a legal guardian, there is a complete discount on interest.

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