10 July 2015
Obligation to file Income Tax Return: # Every individual whose total income before allowing deductions under Chapter VI-A of the Income-tax Act 1961, exceeds the maximum amount which is not chargeable to income tax is obligated to furnish his return of income. For AY 2015-16 Maximum Amount not Chargeable to Tax is: (a) Rs 2,50,000/- (General) (b) Rs 3,00,000/- (Senior Citizen – Age between 60 to 79 Years) (c) Rs 5,00,000/- (Super Senior Citizen – Age 80 or Above) # All taxpayers having Income more than Rs. 5 Lakhs are now mandatorily required to submit their Income Tax Return online using appropriate ITR. Those taxpayers with Income below Rs. 5 Lakhs can either submit their Income Tax Return online or can submit the physical forms as well. # Due date of filing Income Tax Return for the AY 2015-16 has been extended by CBDT from 31st July 2015 to 31st August 2015. If you can not file the return within the due date, you can still file the belated return u/s 139(4) upto 31.03.2016 without any penalty. Return can also be filed online till 31.03.2017 but subject to a maximum penalty of Rs 5000/- u/s 271F
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