It is the Income Tax season and the last date to file Income Tax Return is 31st July 2018 for the Financial Year 2017-18. It is mandatory for the citizens of India who have Income to file Income Tax Return. In fact Income Tax Return is proof of your Income.
If you fail to file your Income Tax Return by 31st July 2018, then in that case you will have to pay a penalty of upto Rs.10,000.
If you file your Income Tax Return in time, then you are eligible to claim deductions and you can rectify the mistakes if any, after which you can file revised return and rectify your mistakes. Recently, the Government of India has introduced additional penalty, which in turn tells us about the Government’s determination to get Income Tx from the citizens of this country.
Filing Income Tax Return can be fruitful for you, as you will require your ITR when you apply for loan or visa. When you file ITR, you can claim deduction under section 80, for the various investments you have made for the relevant Financial Year.
Earlier, filing Income Tax Return was a tedious task, but today with the advancement of technology you can file your Income Tax Return in just a fraction of seconds. E-filing of Income Tax Return is quite handy, for E-filing you are required to visit the Income Tax Department’s official website