Tax payers should note that last date to file Income tax returns for individuals for this year is July 31, 2016.
For business tax returns the last date to file income tax return is September 30, 2016.
Income-tax is levied on the annual income or earnings of a person. The period is considered from 1st April to March 31, of next calendar year.
The income tax for filing purpose the year has been divided into two parts:
1) Previous year, and (2) Assessment year.
Previous year is considered the year in which income is earned and the year in which the income is charged to tax is called as assessment year. Click to read the difference between financial year and previous year.
Individuals whose income for financial year 2015-16 is more than Rs 2.5 lakh, must file an income tax return. E-fling of tax is mandatory for those whose income is above Rs 5 lakh.
The limit is Rs 3 lakh for senior citizens ( taxpayer with age above 60 years but less than 80 years old). The limit is Rs 5 lakh for super senior citizens (taxpayers who are above 80 years old).
In case of delay in payment there can be a penalty of Rs 5000 levied on you as late payment fee. Know more
Some times tax department may extend the last date due to certain reasons the same will be notified in such cases.
Last year, the income tax department has extended the due date as there was difficulty with new set of forms issued.