Have you filed your income tax returns yet: 5 key things to remember
Income tax returns (ITR) filing: Income tax returns filing process is complex. Add to it the fear factor of getting something wrong and the issue becomes a fraught one. There are chances that you unintentionally commit an error, and it costs you dearly. So be careful. Take a look at the following key points about how to file your income tax returns:
Income tax returns filing: Difference between Financial Year and Assessment Year: Financial Year is the year in which you earned the income and an assessment year is a year in which your income gets taxed. For example, July 31 is the deadline for filing ITR for the financial year 2017-2018 and the assessment year 2018-2019.
Income tax cess and rebates: The maximum amount of rebate allowed is Rs 2,500. A surcharge of 10 per cent is applicable if income lies between Rs 50 lakh to Rs 1 crore, but if it exceeds Rs 1 crore then the surcharge will be payable at 15 per cent. Education Cess of 3 per cent is also levied along with surcharge.