Income Tax Return is when a person is supposed to submit to the IT Department of our nation. It withholds the information of income of person and the taxes that are to be paid during the year. The essential thing you need to keep in mind is; the information filed in income tax return should and always pertain to a particular financial year, and that is, start from the 1st… Read More »Is Income Tax Return Filing Difficult in India?
There is a huge requirement and importance of checking thoroughly of Form 26AS before filing of ITR, as it is an Annual tax statement which provide the details of tax paid, tax deducted at source or tax collected at source as the case may be of the respected assesse. Assesse should disclose the corresponding income essentially in his/her income tax return which is reflecting in the Form 26AS against which… Read More »Why It Is Important To Check Form 26AS Before Filing Income Tax Return
It is mandatory to note that the payment of income tax and filing of the ITR is two distinct and separate legal obligations under Income Tax. The duty of the taxpayer does not end up just by timely payment of the income tax. In fact, the law of income tax also mandates the taxpayer to file their IT return within the prescribed time limit. To make sure timely return filing… Read More »Section 234F Late Fees Payable For Default In Furnishing Of Income Tax Return
Income tax is a tax imposed by the Indian Government on income of a person. Filing of income tax is responsibility of every citizen. Filing an ITR is a way to let the government know about your income. If you do not inform the government, you have to face penalties & problems. If you are in the taxable position, then you need to file income tax returns. Individuals with income… Read More »Consequences of Non-Filing of the Income Tax Return
An Income Tax Return is a tax filling form, where a taxpayer reveals the details of his/her income, claims applicable deductions and exemptions and taxes that are payable on the taxable income. As a responsible citizen of India, everyone who has an income should file an ITR, because in this way we are declaring all sources of income whether taxable or non-taxable. The Income Tax Department make it essential everyone… Read More »Benefit Of Filing The Income Tax Return