Income Tax Return

• Staff member having Gross income above 2.5 Lac per annum has to submit Income Tax Return (ITR) within 31st July every year. This year (2018) the last date of submission of ITR was extended to 31st August. Those who have not yet submitted the said ITR a penalty of Rs. 5,000/- should be paid and if he/she fails to submit by Dec 31st 2018 the penalty amount will be Rs. 10,000/-
• A salaried individual may directly submit the ITR through Income Tax of India website. Click on Register Yourself (green) button and proceed. Some free sites are available for submission of ITR like ClearTax.
• Banks deduct taxes from interest income and those amounts are reflected in Form 26AS. You can access that file in pdf format after you logged in the Income Tax site. Another way of downloading Form26AS is through any of your online banking system.

Further Reading Salaried? You need to file income tax returns too! By Balwant Jain in Money Control

Information for Calculation of Income Tax

Assessment Year 2019-2020 (Financial Year 2018-2019) Download

Calculate your income tax amount for the FY 2018-19 (Assessment Year 2019-20) from income Tax Site Link. Put all your investments, LICs, etc. and check the income tax amount.

Submit the declaration form on or before 07th Sep 2018 to the Principal.