When will the income tax return filing start for 2018-19?
For cases dependent on the Indian tax payment, a particular slab is set on which taxes are deducted depending in which the slab does your income fit. The income tax increases on the individual taxpayers as the income of the person increases with increase in the income tax slab. Let’s check it out more about Income Tax Return Filing that when you need to file it for 2018-19.
Income Tax Return and Prominent Aspects
Income tax return filing depends on two major things, one of them is the financial year and the other is the assessment year. The financial year is the year in which the income is earned or made and the assessment year is the year in which the income for the income tax return filing is evaluated. The income tax return filing is always done in the year next to which the income is earned.
- For the same the financial year for income tax is the year 2018-2019 for which the income will be evaluated in the year 2019-2020. A financial year starts from 1st of April of one year to 31st of March of the other year.
- The due date for income tax filing for the financial year 2018-2019 is 31st of August of 2019 for individuals, body of individuals (BOI), Hindu Undivided Family (HUF) and Association of Persons (AOP) and 30th of September of 2019 for businesses requiring audit. For business requiring TP report the date would be November 30th of 2019.
How to calculate income tax?
In order to calculate income tax, a number of factors are taken into consideration. The factors that are important to calculate income tax are dependent on the type of income, the amount of income and age of the taxpayer. For salaried individuals, income tax return filing is done in order to declare the total amount of earning and the total number of deductions done in forms of the taxes.