Income Tax Return

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Income Tax Return for the Modern Entrepreneur.

It is a prescribed form through which the particulars of income earned by a person in a financial year and taxes paid on such income are communicated to the Income-tax Department. 

 

Important Information On Income Tax Return (ITR)

First Pay Tax Then File Return

Filing of income tax return is a self assessment method wherein the taxpayer needs to make a computation of taxable income earned during the previous year and the income tax payable thereon. Before filing the return, the due tax must be paid. The tax can be paid online or through challan 280 by depositing in bank with cheque or cash.

 

Late Return Filing

If the taxpayer has missed the due date of filing the Income tax return, the same can still be submitted as “belated income tax return” within the last date of the assessment year. However, the losses or accumulated depreciation cannot be carried forward, and in case there is any error the belated return cannot be revised.

 

Penalty For Not Filing The ITR

Filing of ITR is a mandatory requirement under section 139 of the Income Tax Act,1961 and non-filing of the same attracts a penalty Up-to Rs. 5,000/-. This penalty is over and above the interest or other consequences on nonpayment of tax. However, if a genuine reason is shown to the satisfaction of the ITO, it may be waived off or redu

 
 
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FAQ

For the Assessment year 2017-18, e-filing of the Income Tax Return has become compulsory for the following cases: If your Total Income exceeds Rs. 5 Lakhs, then you must e-file your Income Tax Return. If you own foreign assets, you must e-file.
 
Yes, if you have not furnished the return within the due date, you will have to pay interest on tax due. If the return is not filed up to the end of the assessment year, in addition to interest, a penalty of Rs. 5,000 may be levied under section 271F.
 
ITR return forms are attachment-less forms and hence, the taxpayer is not required to attach any document (like proof of investment, TDS certificates, etc.) along with the return of income (whether filed manually or electronically). However, these documents should be retained by the taxpayer and should be produced before the tax authorities when demanded in situations like assessment, inquiry, etc.
 
Yes, Excess tax can be refunded after filing of income tax return.
 
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 return validate your credit worthiness before financial institutions and make it possible for you to access many financial benefits such as bank credits, etc.
 
If you have sustained a loss in the financial year, which you propose to carry forward to the subsequent year for adjustment against subsequent year(s) positive income, you must make a claim of loss by filing your return on or before the due date.
 

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