Not filing can result in paying a hefty fine
This year, the Ministry of Finance introduced a fee for default under Section 234F of the Income Tax Act. If you delay your payment, then you will have to shell out Rs 5,000 as fine. If you postpone the filing beyond December 31, 2018, then this fine will double.
In order to avoid the fine, file your returns by midnight today. Here are the things you should do to check if you fall under the tax-paying bracket
1. Income Tax returns
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If your gross income (before any deductions) exceeds Rs 2,50,000, then you have to file Income Tax returns. For senior citizens (above 60 and under 80 years), the gross income is Rs 3,00,000, while for super senior citizens (those above 80 years) the gross income is Rs 5,00,000 - Thinkstock
2. Show the government your money
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If you want to claim refund, then you have to file your tax returns by midnight - PTI file photo
3. File your returns on time
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Filing returns becomes compulsory if you possess any assets outside the country - Thinkstock
4. Be a responsible tax payer
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Tax filing is compulsory even if you get income from property under a trust for charitable or religious purposes or even a political party or a research association, news agency, educational or medical institution or trade unions - Thinkstock image
5. Even if you are exempt, file your returns
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One will have to file income tax returns if they have capital gains of more than Rs 2.5 lakh. Even in the case of exempted income, income tax return is mandatorily required to be filed. - Thinkstock
