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{"id":1676,"date":"2018-04-11T06:45:49","date_gmt":"2018-04-11T01:15:49","guid":{"rendered":"http:\/\/investdunia.com\/?p=1676"},"modified":"2018-05-09T06:29:23","modified_gmt":"2018-05-09T00:59:23","slug":"which-itr-form-to-file-ay-2018-19-fy-2017-18","status":"publish","type":"post","link":"https:\/\/investdunia.com\/which-itr-form-to-file-ay-2018-19-fy-2017-18\/","title":{"rendered":"Which ITR Form to File AY 2018-19 (FY 2017-18)"},"content":{"rendered":"
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The time has come to file the income tax return for the Assessment Year 2018-19 (FY 2017-18). But do you know whether you have to file income tax return or not? Many of us think that I have paid the taxes, so I need not to bother about filing the income tax return. Someone is not a tax payer as the income is below the specified limit. Is it mandatory to file income tax return for them? If someone has more than one income what form should he choose to file the return? These are very common question which are coming to tax payers mind very often. Read the article and also decide which ITR form to file AY 2018-19.<\/p>\n

What is Income Tax Return (ITR):<\/span><\/h4>\n

Income Tax return is a document about the income and tax details that you submit the Government concerned tax authority. Indian Citizens have to file income tax return to the Income Tax Department of the Government of India. If you have paid more income tax, you will get return to your bank account.<\/p>\n

Is it necessary to file Income Tax Return?<\/span><\/h4>\n

As It has been discussed earlier that many of us thinks that the income tax return is not mandatory to file when the TDS has been deducted from the account. It is not correct statement. If the gross taxable income exceeds the basic exemption limit you must have to file income tax return.<\/p>\n

The basic exemption limit is different for different categories. Rs 2.5 lakh is the basic exemption limit for Individual\/ HUF tax payers. Senior citizens (above 60 yrs age) have the limit of Rs 3 lakhs and the senior citizens with 80 years old have the limit of Rs 5 lakhs.<\/p>\n

Now what is the gross total income? The gross total income is the total income minus your basic exemption such as medical, conveyance, HRA. It is the income before deducting the savings which are tax exempted.<\/p>\n

Also Read:<\/strong> Guide on <\/em>Income Tax Planning for FY 2018-19<\/em><\/a><\/p>\n

Advantages of Filing Income Tax return:<\/span><\/h4>\n

The advantages of income tax return filing which I can see are as per the followings:<\/p>\n

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