Income Tax department has made a good announcement concerning the income tax payers. According to the new announcement, the last date of filing the ITR has now been extended to 5th August. Before this, the department had clearly mentioned that it would not extend the date of ITR filing. With an increased focus on electronic filings, the department has already received over 2 crore ITRs via the electronic means.
In this year’s budget, union finance minister Arun Jaitley had announced the revised tax structure for the tax payers. According to the new tax structure, professionals earning in the range of 2.5 lakh to 5 lakh will now have to pay 5% tax on their income, whereas, those earning over INR 50 lakhs a year will have to pay an additional surcharge of 10% on the income.
The professionals who are earning less than 5 lakh a year can file their ITR using a one-page form issued by the government.