Important Rules for Filing of Tax Return

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Important Rules for filing of Tax Return

1. Filing of income tax is compulsory for all individuals whose gross annual income exceeds the maximum amount which is not charageble to income tax (e.g. Rs.2,50,000 for Senior citizens, Rs.200000/- for resident individuals

2. The last date for filing of income tax return is usually July 31 for individuals (sometimes the same is extended).

3. The penalty for non filing of income tax return is Rs.5,000/-