How do I know if I have to file taxes? Will I get any notice about it from the IT department? When is the appropriate time to pay taxes?
Taxes are filed for every financial year ending on 31st March. So in next year, you will file taxes for the year starting from 1st April 2013 and ending on 31st March 2014. Income tax payers are supposed to know this information. There will be no notice from IT department as such.
The last date of filing is usually 31st July but sometimes it is extended to 31st August.
According to Income Tax rules, any individual whose gross taxable income before deductions is above the basic exemption limit is required to file his or her tax returns. For general taxpayers the limit is Rs. 2.5 lakhs, for senior citizens Rs. 3 lakhs and for citizens about 80 years of age the limit is Rs. 5 lakhs.
The due date for filing your tax returns for the financial year 2017-18 is July 31st, 2018. If you returns aren’t filed by this time, you could be fined or penalised. If an IT officer detects that you haven’t filed your returns, you could receive a letter from the IT department seeking an explanation on why you haven’t filed your returns.