Here’s everything you should know about filing income tax returns by June 15:
Are you liable to pay advance tax? Check here
Any assessee, including salaried employee, whose tax liability for the financial year, as reduced by the tax deducted/collected at source is Rs. 10,000 or more.
Resident senior citizen (individual who is of the age of 60 years or more) not having income from business/profession is not liable to pay.
Assessee in respect of eligible business referred to in Section 44 AD is liable to pay the whole amount of such advance tax on or before March 15 of respective financial year.
Mode of payment: How to pay advance income tax/ file income tax returns
E-payment is mandatory for all corporates and also those assessees whose accounts are required to be audited u/s 44AB of the Income-Tax Act.
E-payment is convenient for all other tax payers also as it ensures correct credit.
1) On or before June 15, 2018, taxpayers must pay 15 per cent of payable advance tax.
2) On or before September 15, 2018, ta payers must pay 45 per cent of payable advance tax.
3) On or before December 15, 2018, taxpayers must pay 75 per cent of payable advance tax.
4) On or before March 15, 2018, taxpayers must pay 100 per cent of payable advance tax.
With effect from this financial year, the government has introduced a standard deduction of Rs. 40,000 from taxable income for all tax payers, including pensioners. You can save on the payable income tax by claiming reimbursement benefits. You must also link your Aadhaar card with PAN to file income tax returns.