Last day for filing Income Tax returns: Here is a list of 5 things you must keep in mind this year

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.

Here is a list of points that you must remember while submitting your I-T return:

1) 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.

2) 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. Under the revised tax slab and the tax rebate, a person earning Rs 3.5 lakh per annum will pay a tax of Rs 2,575 as against Rs 5,150 till last year.

Those with annual income between Rs 50 lakh to Rs 1 crore will have to pay a 10 per cent surcharge on the tax; while those with an annual income of more than Rs 1 crore will have to pay a 15 per cent surcharge.

3) 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. This is likely to reduce the tax burden on you if you are selling your property after two years.

The base year of indexation (the year against which acquisition cost of an immovable property is indexed) has been shifted from April 1, 1981 to April 1, 2001. Capital gain on a property sold within two years of purchase will be taxed at 20 per cent.

4) 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.

5) 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.

ALSO READ:

Union Budget 2017-18: Income Tax rate halved to 5 per cent for Rs 2.5-5 lakh slab

Link your Aadhaar with your PAN by tomorrow: Here's how

Union Budget 2017: Arun Jaitley gifts you an increment of Rs 12,500

ALSO WATCH: How to link Aadhaar with your PAN card