Tax Filing- Mandatory for Salary up to Rs 5 lakh per annum

Circular for compulsory filing of Income Tax Return, for people having salary up to Rs 5 lakh per annum, was issued on 22 July and last date of filing income tax return was 5 August. Considering that people got less time for filing returns and they may missed it, Income tax department allows you to file return for two preceding years, even after you crossed the deadlines.

If you have missed the deadline, you can still file the return. For assessment year 2013-14, you can file returns till 31 March, 2015.

If you file return by 31March,2014 the you will […] Read more