About Income Tax Return Filing
-
Benefits of Return Filing
Filing of return is your duty and earns for you the dignity of consciously contributing to the development of the nation. Apart from this, your income-tax returns validate your credit worthiness before financial institutions and make it possible for you to access many financial benefits such as bank credits, etc.
-
Liability to pay Advance Tax
As per section 208, every person whose estimated tax liability for the year is Rs. 10,000 or more, shall pay his tax in advance, in the form of “Advance Tax”.
-
Income Tax Audit
An Assessee is liable to get Tax Audit done by a Chartered Accountant mandatorily, if in the previous year,
- The Person is carrying on business and his total sales/Turnover exceeds Rs. 1 Crore .
- The Person is carrying on Profession and his Gross Receipt Exceeds Rs.25 Lac.
- The person is carrying on business or profession and is covered under the provisions of section 44AD, 44AE, 44AF, 44BB or 44BBB and claims that his income from the said business is lower than the deemed profit and gains computed under the relevant saction.
-
Due dates filing returns of income/loss
The due dates for filing return of income are as follows:
Individual/HUF whose accounts are to be audited or Working partner of a firm whose accounts are to be audited30th September
In all other cases31st July
-
Can a return be filed after the due date?
Yes, if one could not file the return of income on or before the prescribed due date, then he can file a belated return. E.g., In case of income earned during FY 2013-14, the belated return can be filed up to 31st March, 2016. However, if return is filed after 31st March, 2015, penalty under section 271F can be levied.
-
What is Form 26AS?
A taxpayer may pay tax in any of the following forms:
- Tax Deducted at Source (TDS)
- Tax Collected at Source (TCS)
- Advance tax or Self-assessment Tax or Payment of tax on regular assessment.
The Income-tax Department maintains the database of the total tax paid by the taxpayer (i.e., tax credit in the account of a taxpayer). Form 26AS is an annual statement disclosing the details of tax credit in assesses account as per the database of Income-tax Department.
Benefits of Working with Us
KNOWLEDGE PORTAL
