The taxman has time and again urged the assessees to file their ITR in due time to avoid last minute rushAugust 31, 2018 is the due date for assessees to file their income tax return (ITR) for financial year 2017-18.

Missing this due date, set by the Income Tax Department, will attract penalty charges up to Rs 10,000.

The Income Tax Department has time and again urged the assessees to file their income tax return before the due date to avoid last minute rush.

The taxman has provided seven forms - named ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 and ITR 7 - for filing of ITR, and one form - ITR-V - for verification, according to its website - incometaxindia.gov.in. These tax forms are applicable for assessment year 2018-19, which means they relate to income earned in financial year 2017-18.

The Income Tax Department had earlier this week extended the due date for assessees in flood-hit Kerala by 15 days.Here are five things to know about filing of income tax return (ITR):1.

What are various income slabs by the taxmanAccording to tax laws, individuals earning a particular amount of annual income must file income tax return (ITR).

Income tax is levied on individual taxpayers on the basis of a slab system where different tax rates have been prescribed for different slabs.

There are three categories of individual taxpayers - general (below the age of 60 years), senior citizens (60 years and above but below 80 years of age) and super senior citizens (above 80 years of age). In the general category, individuals with annual income up to Rs.

2.5 lakh are not liable to pay income tax.

For individual with an income between Rs.

2.5 lakh and Rs.

5 lakh, income tax at the rate of five per cent is applicable. (Read more)2.

What are common income tax deductions for the salariedIncome tax laws provide for deduction of from annual taxable income.

In other words, having a thorough knowledge of the income tax laws helps an assessee minimise his or her annual tax outgo.

Financial planners point at Section 80C of the Income Tax Act as one of the most common means of reducing income tax liability for salaried individuals.

They also point at some other laws such as 80D (medical insurance premium), 80E (interest on education loan) and 80GG (housing rent), that can be explored by the taxman for applicable tax benefit.3.

What happens if income tax return is not filed by the due dateFrom penalty charges to lower interest on delayed payment of refund, the Income Tax Department has listed several disadvantages to the assessee for not complying with the due date.

The taxman has stipulated a penalty amount (fee for late filing of income tax return) ranging from Rs.

5,000 to Rs.

10,000 for filing of income tax return for assessment year 2018-19 after August 31, 2018, according to its website - incometaxindia.gov.in.

The amount of money charged as penalty or fine for a belated ITR increases based on the degree of delay.

( Five consequences of not filing income tax return on time)4. How to verify an income tax return after submissionThe taxman has mandated the assessees to verify the income tax return once a submission has been made.

The I-T department provides multiple ways, such as mail, net banking, ATM and Aadhaar, for assessees to verify their ITR. Other than the traditional method wherein the assessee sends a signed ITR-V form to the Centralized Processing Centre (CPC), Bengaluru, the taxman provides five ways for verification of an ITR.

These are Aadhaar OTP (One-Time Passcode), bank ATM, bank account, demat account and net banking.5.

What is the due date for filing of income tax return by assessees in KeralaThe I-T department has announced a due date of September 15 for assessees in Kerala to file their income tax return. The taxman cited "disruption caused due to severe floods in Kerala" as the reason behind the move to extend the due date of August 31 for assessees in the state.