ITR for the financial year 2018-19 has to be filled by 30 November No documents have to be submitted while filling the income tax return
The Income Tax Department has made the last date for filing the income tax return for 2018-19, one month to 30 November. You do not have to submit any documents nor upload any documents while filling the Income Tax Return (ITR). You only have to fill the information sought in the return as per your documents. If you have not yet filed your return, then we are telling you about some basic terms which can be very useful in filling the ITR.
Taxpayer
According to Section 2 (7) of the Income Tax Act, a taxpayer means a person who is liable to pay the amount (interest penalty etc.) to the Income Tax Department. He is called the taxpayer.
Financial year
The period from April 1 to March 31 is called Financial Year. For example, the period from April 1, 2017 to March 31, 2018 would be called Financial Year 2017-18. The returns we are filing this time are for the Financial Year 2017-18.
Assessment year
Even if the new year starts from January 1 and ends on December 31, but the income tax return starts from April 1 and takes the accounting of earnings by March 31 next year. According to the Income Tax Act, this time is called the financial year. Earnings in a financial year are taxed in the next financial year. Simply put, the year you earn is called Financial Year, the next year when you pay tax, it is called Assessment Year for that year.
Deduction
Income tax department gives you tax exemption under income tax rules on many types of investments and expenses. You claim a tax rebate based on what you invest. On this the Income Tax Department gives you a tax refund. Tax exemption is called deduction.
Gross income
Gross income is the gross income of the year after deducting the tax-free income and allowances of the taxpayer. Gross income is always income before deduction from 80C to 80U.
Do not be disturbed by changes in ITR-V, Income Tax Acknowledgment is also your ITR proof
Taxable income
The income that comes after taking tax exemption from Section 80C to 80U of income tax in gross income is called taxable income. Income before gross deduction is called gross income and income after deduction is called taxable income.
TDS
The government deducts tax on your income. This is called tax deducted at source. Your company deducts the tax amount and gives the remaining amount to you in salary. The tax deducted is deposited in the account of the Income Tax Department. Including your record. TDS deduction is done by the employer or the payment institution. It is not the responsibility of the taker to cut or deposit it.
Income tax refund
If a taxpayer’s government has deducted more tax then it makes investment claims to withdraw. On which the Income Tax Department preaches. After that if the department has the taxpayer’s money then the department returns the money. Which is called tax refund. This amount comes in the account of the taxpayer.
Form 16A
If you work somewhere, your employer gives you a Form 16. By now your employer will have given this form to you. Under Form 16A, if the taxpayer has earned income from sources other than salary and has deducted TDS on it, then TDS certificate should be obtained from that institution as well. This certificate is called Form 16A.
