The last date to file income tax returns is August 31st 2019. Make sure you don’t miss this deadline. If you are filing ITR for the first time, it might look difficult. But, tax filing is not difficult if you follow steps to file income tax returns easily.
Income Tax Return or ITR is nothing but a form to report gross taxable income from different sources. ITR helps claim tax deductions and exemptions and declare your net taxable income to the IT Department. If you are salaried, self employed, HUF, Company or a firm, you must file ITR. The process of filing ITR is called Income Tax Filing. You can easily file taxes using the e-portal of the IT Department. This is called e-filing. (Online filing of taxes).
You can now file Income Tax Returns absolutely free through IndianMoney.com. You just need to click on the icon “FREE Income Tax Filing before 31st Aug”, and file your income taxes in just 5 minutes. If you are stuck while filing income tax returns, you would get a call offering help to complete the tax filing process.
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Income Tax Slabs For Senior Citizens:
Income Tax Slabs For Super Senior Citizens:
ITR-1: This form is also called SAHAJ. File ITR-1 if you have income from salary, pension, one house property, interest or income from other sources. (This excludes winning from lottery/horse racing income). This is for total income of up to Rs 50 Lakhs.
ITR-2: This form ITR-2 is used by individuals and HUFs for income not from profits/gains of a business.
ITR-3: This form is for persons/HUFs where the source of income is from profits/gains of a business or a profession.
ITR-4: If you have presumptive income from business or a profession.
ITR-5: Other than individuals, HUFs, Companies and persons filing ITR-7, they can file ITR-5.
ITR-6: Companies which don’t claim exemption under Section 11, file taxes using this form.
ITR-7: This form is necessary for people including enterprises which must file tax returns under Section 139(4A), Section 139(4B), Section 139(4C), Section 139(4D), Section 139 (4E) or 139 (4F).
Verify returns electronically using Aadhaar OTP or the Electronic Verification Code method. You also have the offline method where you send a signed printout of ITR V to CPC, Bangalore. This must be done within 120 days of e-filing.
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