Important Facts To Learn About Income Tax Returns In India
You must follow the below facts about Income Tax returns in India:
(1) Income Tax Filing Is Mandatory
If you pay tax, then you have to file income tax return as it is mandatory for all tax payers. This rule also applies to the salaried persons. This is compulsory as there could be situations when you have earned an extra income excluding your salary income. Lets illustrate it by an example, if you earn interest in your Fixed Deposits that are taxable, then your earned interest is considered as extra income.
(2) Accurate Time To File Your Tax Return
According to the Income Tax Department, You have to file your tax returns before the next assessment year which starts on 31st march of every year.
(3) Penalty for not filing returns
There is a penalty, if you do not file your income tax returns. The penalty includes penal interest of 1% on the existing tax liability. Whether you have paid your tax or yet to pay your tax, if you do not file tax return till 31st march of every year, a penalty of Rs.5000 will be levied on you that include another penalty for your pending taxes.
(4) Disadvantage of filing tax return beyond due date July 31st
If you file your tax returns beyond due date that is 31st July, you are not eligible to file a revised return, in case if you left anything that has to be filled or filled incorrectly. So, that statement remain there as a wrong statement. Then, you are able to file the revised return after one year from the end of the assessment year or before assessment years completion.
Always remember that paying off all your taxes is only half of the process and this process actually completes by filing your returns. This will save you from any enquiries of the Income Tax department.
Hence, file your income tax return as soon as possible to avoid any delays. For your convenience and to file your tax return in lesser time, you can use the online tax filing services, provided by various websites, to file your returns.
(1) Income Tax Filing Is Mandatory
If you pay tax, then you have to file income tax return as it is mandatory for all tax payers. This rule also applies to the salaried persons. This is compulsory as there could be situations when you have earned an extra income excluding your salary income. Lets illustrate it by an example, if you earn interest in your Fixed Deposits that are taxable, then your earned interest is considered as extra income.
(2) Accurate Time To File Your Tax Return
According to the Income Tax Department, You have to file your tax returns before the next assessment year which starts on 31st march of every year.
(3) Penalty for not filing returns
There is a penalty, if you do not file your income tax returns. The penalty includes penal interest of 1% on the existing tax liability. Whether you have paid your tax or yet to pay your tax, if you do not file tax return till 31st march of every year, a penalty of Rs.5000 will be levied on you that include another penalty for your pending taxes.
(4) Disadvantage of filing tax return beyond due date July 31st
If you file your tax returns beyond due date that is 31st July, you are not eligible to file a revised return, in case if you left anything that has to be filled or filled incorrectly. So, that statement remain there as a wrong statement. Then, you are able to file the revised return after one year from the end of the assessment year or before assessment years completion.
Always remember that paying off all your taxes is only half of the process and this process actually completes by filing your returns. This will save you from any enquiries of the Income Tax department.
Hence, file your income tax return as soon as possible to avoid any delays. For your convenience and to file your tax return in lesser time, you can use the online tax filing services, provided by various websites, to file your returns.
