10 Easy steps to file your IT Returns this season

Last Date of Filing Income Tax(IT)Return for FY 2016-17 (Non-Audit Cases)

  • Due date of filing the Income Tax Return by Assessee whose Books of Account are not required to be audited is 31st July 2017

Last Date of Filing Income Tax Return (Audit Cases)

  • Due date of filing the Income Tax Return by Assesse is 30th September 2017
    • 1) A Company
    • 2) A Person (Other Than a Company) whose accounts are required to be audited under this Act or under any other law for the time being in force, or
    • 3) A working partner of a firm whose accounts are required to be audited under this act or under any law for the time being in force


Advance Taxes of Income Tax for FY 2017-18 & AY 2018-19

If the tax liability is more than Rs 10,000 in a financial year then advance tax is payable by the assessee.

15th June (15%)

15th Sept.(45%)

15th Dec.(75%)

15th March(100%)

Assesses covered under section 44AD, are also required to pay the advance tax on or before the 15th March of the previous year.

Step1:Check If Your Income Falls In The Taxable Range

For FY 2017-18, the slab rate for income tax up to Rs. 5 lakh has gone down from 10% to 5%.Income Tax Slab for Individual Tax Payers & HUF (Less Than 60 Years Old) (Both Men & Women)

Income SlabTax Rate
Income up to Rs 2,50,000*No tax
Income from Rs 2,50,000 – Rs 5,00,0005%
Income from Rs 5,00,000 – 10,00,00020%
Income more than Rs 10,00,00030%
Surcharge: 10% of income tax, where total income exceeds Rs.50 lakh up to Rs.1 crore.

Surcharge: 15% of income tax, where the total income exceeds Rs.1 crore.

Cess: 3% on total of income tax + surcharge.


You are liable to file your ITR if your income is taxable. It’s mandatory for you to file your ITR if your annual income is above Rs 2.5 lakhs.You must opt to file your return even if your income is below Rs 2.5 lakhs, makes up a handy document for many financial transactions. It is also necessary in order to claim any TDS refund.  If you fail to file your ITR, you might not be fulfilling your duties as an Indian citizen and may also end up attracting penalties.

Step 2: Get Form 16

You must collect form 16 from your employer if you draw a salary. It contains all your salary details along with Tax Deducted at Source (TDS) deductions. If you have worked with multiple employers in a financial year, get Form 16 from all of them.

Step 3: Link Aadhaar With PAN

It has been made mandatory by the Government to link your Aadhaar with PAN in order to file your income tax return. This can be done easily by visiting the Income Tax Department’s website and hitching your Aadhaar and PAN details.

Step4: Keep All Documents At One Place

Since filing tax returns involves details of documents like bank statements, investment proofs, income from other sources, insurance policy, PPF statement, stamp duty payment etc, it would help you a great deal if you keep them handy.

 Step5: Keep Track Of Your Capital Gains

If you have sold Mutual Funds, property etc, you need to calculate the capital gains tax. To know more visit: https://cleartax.in/s/capital-gains-income

Step6: Details That You NEED To Provide If Your Income Is Over Rs. 50 Lakhs

Assessees, whose income is over Rs. 50 lakhs, will have to provide details of movable and immovable assets when filing tax returns this year onward.

Step7: Segregate Source Of Income

When you file returns, try and segregate income from all sources. Mention the incomes that are tax exempted such as long-term capital gains (LTCG) from equity investment, selling a house etc.

Step8: Check Form 26 AS For TDS Details

Your Form 26 AS is also an important document as it is your tax credit statement and shows all the taxes received by the Income Tax Department. Once you obtain your TDS details through Form 16, you must verify it with Form 26 AS.

Step9: Choose The Right ITR Form

When you get an ITR form, make sure it is the correct one for you as there are several forms which are to be used by specific categories of the taxpayer. For example, ITR 1 (SAHAJ) is issued for individual taxpayers earning an income below Rs. 50 lakhs and ITR 2 is meant for individuals or Hindu Undivided Families (HUFs) who do not practice a proprietorship business or profession etc.

Make sure to have genuine documents in place & not commit errors while you file your returns.

10.Refer Some Important Links for better Understanding of the taxation regulations



About Author

Gaurav bhattacharya

Gaurav Bhattacharya has comprehensive working experience as an Audio Engineer and a Research analyst. He has pursued masters in finance and marketing and has been freelancing since 2012.His passion for varied aspects of Finance, Tech, Travel, and Health is well depicted in his thoroughlyresearched representation of the subject matter. He prefers penning down utility blogs, which are both gripping and informative for the readers.

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