Whether all taxpayers who are earning income only from salary can choose ITR-1 for filing income-tax returns?
Yes, all taxpayers who are earning income only from salary can choose ITR-1 for filing tax returns. However, salaried taxpayers cannot choose ITR-1 in following cases:
|(a)||His salary income exceeds Rs. 50 lakhs|
|(b)||His salary income is earned from outside India|
|(c)||He is Non-resident or Not-Ordinarily Resident in India|
|(d)||He has any assets located outside India|
He has signing authority in any account located outside India.
What are the modes of filing return of income?
Return of income can be filed in paper mode or in e-filing mode. If return of income is filed through electronic mode, then the assessee has following three options:
|1.||E-filing using a Digital Signature (DSC)|
|2.||E-filing without a Digital Signature|
|3.||E-filing under Electronic Verification Code (EVC)|
What are the due dates for filing of income-tax returns for the year ending March 31, 2018?
|Particular of assessee||Due Date|
|Company (Private, Public or Foreign Co.)||September 30, 2018|
|Any assessee who is required to furnish TP Report in Form No. 3CEB||November 30, 2018|
|Any assessee whose accounts are required to be audited||September 30, 2018|
|Co-operative Society||September 30, 2018|
|Other Cases||July 31, 2018|
Who are required to file return of income electronically?
The general rule is that electronic filing of return of income is mandatory for all assessees. However, a person can furnish the return of income in paper form in ITR 1 or ITR 4 in any of the following circumstance:
|1.||Taxpayer is an individual and his age is 80 years or more during the previous year|
|2.||Taxpayer is an Individual, HUF or Partnership Firm and his/its income during the previous year does not exceed Rs. 5 lakhs and no refund is claimed in the return of income.|