Every year there are millions of people in
India who file Income Tax return
at the end of each financial year. Out of those, salaried individuals or
professional and businesses are required to file ITR to claim deductions. But
despite repeating the process every year, many individuals who are earning
income from salary end up with making a minor error or last-minute errors that
possibly disturb their claims and filings.
Hence, it is necessary
to declare income, deductions, and tax paid via ITR filing very carefully while filing ITR. Simultaneously, there
are plenty of ways in which salaried employee can make mistakes in their income
tax return filing that perhaps occurs mostly due to negligence or lack of time.
Here we've discussed some of the common rules that you should ensure at the
time of e-filing ITR-
Benefits you can get if you’re a salaried
employee-
Along with this, a person who is receiving an
amount through salary and file their ITR can save tax on the salary income. The
following are the perks you can have when you file ITR-
·
Standard
deduction for salaried persons raised from Rs. 40,000 rupees to Rs. 50,000.
·
Individuals
having taxable income upto Rs. 5,00,000 to get full rebate of the tax
·
TDS
threshold on interest on bank and post office deposits raised from Rs. 10,000
to Rs. 40,000.
Therefore, we are looming around the deadline
of ITR
filing i.e. July 31, an important date for all taxpayers as it is the
last day for filing FY 2018-19 income tax returns. And we can’t disagree on the
fact that how the tax filers have gradually improved over the years, from a
tedious process to an easy and user friendly one. So, if you file it after the
due date but before December 31, 2018, you will end up paying a fee of `5,000
under section 234F of the Income Tax
Act. You have to pay Rs10,000 if you file it after December.
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