Last day for filing ITR today
DSIJ Intelligence / 31 Jul 2017
ITR is a statement of income earned by a person in a financial year. The person (other than company and firm) whose total income exceeds the specified threshold limit in a financial year is to file ITR for that financial year.
Monday, July 31, 2017 is the deadline for filing Income Tax Return (ITR). The government has refused to provide any extension to the deadline.
ITR is a statement of income earned by a person in a financial year. The person (other than company and firm) whose total income exceeds the specified threshold limit in a financial year is to file ITR for that financial year.
As per Section 139 of the Income Tax Act, 1961 (IT Act), individuals below the age of 60 years with total income of over Rs 2.5 lakh per year, resident individuals between 60 to 80 years with total income over Rs 3 lakh per year and resident individuals over 80 years with total income over Rs 5 lakh per year are required to file ITR.
Gross total income is the income earned by an individual under the five given heads. Tax is calculated on the total income of the person, which is calculated by deducting expenditure allowed under Sections 80C to 80U of Chapter VI of Income Tax Act, 1961 from the gross total income.
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