Last day of filing I-T returns; if you meet these criteria, then file it by midnight
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
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
If you want to claim refund, then you have to file your tax returns by midnight - PTI file photo
Filing returns becomes compulsory if you possess any assets outside the country - Thinkstock
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