Tips for a Smooth ITR Filing
Tips for a Smooth ITR Filing The due date for filing of personal income-tax returns for financial year 2018-19 has been extended from July 31, 2019 to August 31, 2019. All individuals whose total income exceed Rs 2.5 lakh (Rs 3 lakh for senior citizens) are mandatorily required to file an income tax return on or before the aforementioned due date. While the individuals are busy collating the necessary documents / information from their employers, banks and other sources to compile and file their tax returns, certain key aspects could be missed in haste. To ensure that the tax return is filed appropriately, the following factors need to be considered. It is necessary to determine the residential status accurately as a lot depends on the residential status like choosing the relevant ITR form, taxability of overseas income and reporting requirements. Using the appropriate form for filing tax return is critical to the entire filing process as an error here could invalidate the tax ...