As per income tax rules, all individuals are required to file their income tax returns before July 31 each year.
Say, for example, one needs to file income tax returns for all income accrued from 1st April 2014 to 31st March 2015, the deadline would be July 31, 2015.
For this particular assessment year 2015-16, the Central Board of Direct Tax (CBDT) have extended the date to August 31, 2015.
This move came after the government dropped earlier forms after much criticism regarding foreign travel and about dormant bank accounts.
While, it is mandatory to file returns if your income has crossed the taxable limit. One should file it electronically if the income exceeds Rs 5 lakh per annum.
Do not wait till the deadline, keep all your documents ready before and file returns on time.