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Filing of Income Tax Returns for Financial Year 2016-17

Filing of Income Tax Returns for Financial Year 2016-17

by Sanjeev Archak

Yes! It’s time to file your income tax return for the Financial Year 2016-2017. Who should file income tax returns? What is the due date for filing returns? How to claim a refund of TDS deducted? Which tax form is applicable to you? Should a salaried person file income tax returns?

These are the questions which have to be sorted without delay. Here are some snap answers:

1)    Income tax return filing is compulsory if your income exceeds Rs 2.50 lakhs for the FY 16-17. The return has to be filed even if you do not currently live in India.

2)    The returns had to be filed by 31st July 2017. However, on Monday the government extended the deadline for filing the Income Tax Returns in view of the difficulties faced by taxpayers. The new deadline has now been set at August 5, 2017. 

3)    You must also file returns if excess TDS has been deducted and if you want to claim a refund.

4)    E-filing is mandatory if your income exceeds Rs 5 lakhs or if you want to claim a refund.

5)    There are 7 forms viz ITR 1, 2, 3,4,5,6 and 7. Choosing the right ITR is important.

6)    It’s important to pay tax dues prior to filing income tax returns.

7)    If you are a salaried person, your salary would have been subject to Tax Deduction at Source (TDS) by your employer and you should not be having any tax dues. This does not mean that you don’t have to file your tax returns. The returns have to be filed.

Have more questions on the filing of your income tax returns for the financial year 2016-2017? Talk to our experts at Integra Books for the right answers!

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