Today Is the Last Day To File The Income Tax Returns For the Financial Year 2016-2017

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For those who have not filed their Income Tax returns for the financial year 2016-2017, today is the last date to do so.

 This time, the Income Tax department has decided not to extend the July 31 deadline for filing or submission of returns. Several tax-related revisions were announced in this year's Union Budget which you should keep in mind while filing your Income Tax return today.

 If you are in the Rs 2.5 lakh to Rs 5 lakh per annum taxable income bracket, then you have to pay a tax of 5 per cent on your income as against 10 per cent till last year.

 The slash in tax is likely to result in an estimated saving of Rs 12,500 every year for tax payers in all slabs.  Those with annual taxable income of Rs 3.5 lakh are eligible for a tax rebate of Rs 2,500 as against Rs 5,000 earlier.

 Earlier, the holding period for considering gains from immovable property, considered long-term, was three years. In this year's Budget, the government has brought down the holding period for gains to two years.

Capital gain on a property sold within two years of purchase will be taxed at 20 per cent. If your taxable income is up to Rs 5 lakh, then you just need to fill a one-page form as Income Tax return. 

During his Budget speech, Finance Minister Arun Jaitley said a simple form would bring more people under the tax net.  You will not be eligible to claim rebate under Rajiv Gandhi Equity Savings Scheme from financial year 2017-2018. 

If you have claimed deductions under the scheme before April 1, 2017, you can claim deductions for the next two years.

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