ITR stands for Income tax return .
ITR forms for Salaried people. ITR 1& ITR2 forms are more important for salaried class.
ITR 1 or Sahaj :- this Income tax return form is used for people having total Income less than Rs.50 Laks. Total income includes income from salary, pension, single house property,other source and agriculture income under Rs.5,000.
ITR 2 :- this Income tax return form is used for people having total Income more than Rs.50 Laks.
Total income includes income from salary, pension, more than one house property, capital gains, agriculture income more than Rs.5,000 and casual income such as lottery or horse racing .
Last date for income tax returns filling 2018
The last date for filling income tax returns for the financial year 2017-18 is July 31,2018 for Individuals and Business where audit is not required.
Key Details in ITR Forms
The salaried class must file returns using Form 16.
Tax credit statement.
Home Loan interest certificate.
Interest income on saving account :- Include interest income from the savings account in Return. even though it is exempt up to Rs.10,000 under section 80 TTA. This exemption must be claimed via return.
Foreign Assets Abroad.
Residents who own foreign assets abroad ,it is mandatory to file returns even if their total income is below the taxable limit of Rs.2.5 laks.
Returns online :-
1.who earn more than Rs 5 Lakh .
2.who seeking a refund ( even their income is less than Rs 5 Lakh ).
Must file returns online .
Penalty for late filling.
Penalty Rs.upto 1000,5000,up to 10,000 for late return filling depends on Total Income & Date of filling