Motilal Oswal
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Motilal Oswal
Jul 13, 2018 07:04 PM IST | Economy

Here's why you should not delay filing your income tax returns

For individuals whose taxable income is between Rs 2.5 lakh and Rs 5 lakh, a rate of 5% would be applied. The tax slab of 20% remains the same for individuals earning Rs. 5 lakh to Rs 10 lakh, and 30% for income above Rs 10 lakh.
Earlier, the holding period to claim long-term capital gain tax on immovable property was 3 years, but from AY19 the holding period has been reduced to 2 years.
Sahaj or ITR-1 form will now require additional details related to salary break-up. It would need details of perquisites, allowances, et al. It would also require detail of income from the property including rental income, tax given to local authority, etc.
Here's why you should not delay filing your income tax returns
Published Date: Jul 13th, 2018 07:04 PM | Updated Date: Jul 13, 2018 07:04 PM IST
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