Last date for filing tax returns

For the financial year 2017-18 (AY 2018-19) the last date is:
31st July 2018 for Individuals and 30th September 2018 for businesses.

Note that you can still file your returns after 31st July of the year but you will be charged a fine. You can file up to 31st March 2019 for FY 2017-18 (AY 2018-19).

Difference between Financial Year and Assessment Year

A Financial Year (FY) starts on the 1st of April of any given year and ends on March 31st of the following year. FY for tax is the year in which you earn an income whereas Assessment Year (AY) is the year when your income earned in FY is evaluated for tax payment. The AY is the year that immediately following the FY.

So the income you earned between 1 April, 2017 and 31 March 2018 is assessed after April 1st, 2018 by the Income Tax Department.

What is Income Tax Return Filing?

Income Tax Returns is a form where you will enter the income earned during the year with the help of your Form 16 and then make deductions for your investments or payments under various sections of the Income Tax Act to arrive at your taxable income.

Filing your returns will give you the actual amount you should be paying as tax to the government. If you have paid more, the IT department will refund it to you based on the filing. Similarly, if you have underpaid, you can pay the remainder.

The Income tax return forms range from ITR 1 to 7.

When do you need to file income tax returns?

If your income earned in India exceeds Rs 2.5 lakhs, you need to pay tax on the income exceeding that limit.

Due dates for Advance Tax

Advance Tax is the facility to 'pay tax as you earn'. This means that you can pay your tax in installments instead of a lumpsum.

Individuals and businesses with a tax liability of more than Rs 10,000 in a financial year are required to pay advance tax. Senior citizens are exempt.

Due dates for Audit Reports

For companies and non-companies required to be audited, audit reports or income tax returns should be submitted before 30th September 2018.

For individuals required to submit Form 3CEB or audit reports pertaining to international or specified domestic transactions under section 92E, the last date is 30th November 2018.