Mutual Divorce Thoothukudi Malappuram jQuery.ajax({ letter-spacing: -.5px; Begusarai Koppal Solan border: 2px solid #ffd200; it still doesn’t show why is it necessary to file income tax returns? Bhiwani Individual found to be concealing income will be charged a penalty and that amount can be anywhere up to 3 times the amount of tax evaded. Itanagar Nellore © 2017 - Uber9 Business Process Services Private Limited. Panipat Fine on not filing Income Tax Return. Faridabad Women have taxable income exceeding Rs.190, 000 p.a. Mumbai Gonda Gunupur Muktsar .adviceForm-Hdgs { So for FY 2009-10, filing of tax returns is essential if. Dhanbad var _wpcf7_unit_tag = $("input[name=_wpcf7_unit_tag]").val(); } Why you must file your Income Tax Returns . Kozhikode The ITR goes about as a report card of your income. Jhansi Vinukonda kasganj font-weight: 500; + read full definition year, you must file a tax return if you owe tax or want to receive a refund. Dahod Trademark Registration and Maintenance in India. Gannavaram jQuery('#leadgen_service_city_id').append('Select City*'); Filing income expense form doesn’t just make you a responsible citizen however it likewise guarantees smooth administration. Jamalpur Kochi Visakhapatnam Kashipur Howrah The months of July, August and September in India are the busiest months for chartered accountants, such as myself, with the filing of Income Tax Returns. Ghaziabad var _wpcf7_container_post = $("input[name=_wpcf7_container_post]").val(); width: 24px; Under the Income Tax Act, non-filing of returns can attract a penalty of Rs 5,000. Bhadreswar padding: 8px 10px; Sri Ganganagar padding: 12px 14px; BankBazaar will not be held responsible for any loss and/or damage that arises or is incurred by use of such information. Haldwani Thalassery Jalandhar Filing accurate returns saves you from the hassles of getting caught by the income tax officials. The money goes to finance government programs and other costs. Convert your Partnership into a Private Limited company Hoshiarpur div.wpcf7-mail-sent-ok { Agartala jQuery('#leadgen_service_city_id option').remove(); Well, there are quite a few reasons why filing Income Tax Returns before July 31 st, become important. color: #333; The returns can be defined as a statement which reveals your earning from multiple sources. When does it become essential to file returns? Rupnagar font-weight: 600; margin-bottom: 8px !important; It contains details like tax refund and tax liability given by the government. width: 100%; Mapusa 50,000 and Rs. Mathura Bathinda Court Marriage Guwahati The tax payer need not appear personally before the income tax officer. } On the basis of the tax return filed, refund is paid at an interest of 8% p.a. Dindigul Karimnagar Gwalior Ranchi Satara Akola Delhi fd.append('medium_name', medium_name); var blog_form = $("input[name=blog_form]").val(); Eluru Budgam If you come under the tax official’s scanner, then you may end up having to pay tax with interest on the tax amount payable and penalty too. Singrauli So if your tax evasion amount is Rs. Mohali Chandigarh-Punjab 6 Obvious Reasons To Check Your Credit Score Regularly. Ongole chidambaram Shillong Aurangabad OPC Registration Besides, you will also be stressed as you need to fulfill all the needs of the income tax authorities in terms of documentation. 5 lakhs, at that point charge payable, will not surpass Rs 1000. Udaipur background: #fff !important; How to reduce tax when you sell your shares! Why Filing Income Tax Return for Businesses on time is Important? Many people hesitate in filing the return because they don’t know the advantages of filing ITR. Nalanda Kanpur The notice will be in a fixed format with your name, address PAN and the year in which it is issued and time and date when the tax payer should appear before the income tax officer. Coming under the tax man’s scanner is certainly not a pleasant experience as it can be emotionally and mentally draining. Morena Surat fd.append('leadgen_service[service_id]', leadgen_service_service_id); Likewise, it prevents you from the gigantic problems if you are ever compelled to outfit the return under a show-cause notice (under Section 148) from the I-T department. /* box-shadow: 0 0 20px #ccc; */ alert(data); border: 1px solid #d6d6d6; Patent Search/Application Privacy Policy, All information including news articles and blogs published on this website are strictly for general information purpose only. Kannur font-size: 18px; Not having the facility to get a discount of overabundance TDS Deducted. Filing Income Tax Return is important as Income tax papers are an important document. Thiruvananthapuram fd.append('leadgen_service', leadgen_service_email); Sangli Please visit. Latur Still thinking why you need to file an income tax return? color: #333; Your email address will not be published. It applies to those too whose tax liability got reduced to nil due to tax exemptions and deductions. In order to pick up cases of likely tax evasion, the tax department uses a computer-aided scrutiny system (CASS) that picks up cases by inputting various criteria. For returns of the financial year 2018-19 and onwards, fine of Rs 5,000 will be indicted for returns recorded after due date however before 31st December. Succession Certificate, Select City* Filing ITR on time is beneficial in many ways while keeping you tax-compliant. Not having the Income tax return proof can result in difficulty especially when it is a pre- requisite for may be a loan or an insurance policy or for completion of visa formalities. Kohima Close your Private Limited Company Vapi On account of people beyond 60 years old, yet not over 80 years, income tax filing is required if all-out pay surpasses Rs.3 lakhs. Close your Limited Liability Partnership Vill Damla However, before you do so, you must also keep an eye on the yearly changes in taxation norms and also tax slabs that will enable you to understand under which slab you fall, how much tax you owe to the government and how much refund you are eligible to receive. Section 8 Company Registration Kurnool Your email address will not be published. Change Objectives of Your Business For the beginner it’s very important to understand what income tax return is so it is a tax imposed by the Government of India on any individual or group of individual or artificial bodies who earns income in India there is no limit or boundaries to earn income, no matter persons who earn income in India is residential or non-residential, all the income no matter by which you income like income from salary, income from house property, income from profession, income … Mandi Rates and offers as may be applicable at the time of applying for a product may vary from that mentioned above. } Talbehat Ludhiana input[type=url], Puducherry var fd = new FormData(); Bhilwara color: #333; However, it is essential that all the above mentioned documents/information should be preserved at least for a couple of years as they may be useful to substantiate the return filed if it is picked up for scrutiny. Starting April 2018, you will be asked to cough up Rs. Apart from the basic advantage of avoiding legal implications arising from tax evasion, filing your ITR is a way of having a legitimate proof of your income. Noida border: 1px solid #d6d6d6; Not filing an income tax return would result in: 3. So why on earth would anyone file a tax return if they don't have to? The export of basmati rice has been... A business is identified by its company’s name and logo. border: 2px solid #f1f1f1; Namakkal border: medium none; It is a proof of your income and other important details such as PAN card, address among other things are mentioned. Vadodara 50,000, if your account is under scrutiny, you may have to pay a penalty of anywhere between Rs. Tiruvannamalai width: 100%; } Nabarangpur Rajapalayam However, this fine increases to Rs. if (city_service_list[i]["id"] == service) { Raipur Jagdalpur Other Cities Secunderabad padding: 20px; Gandhinagar Nizamabad Firozabad Bareilly Bina Etawa For a few, filing tax returns can be a repetitive procedure. Khordha Convert your Partnership into an LLP box-shadow: 0 0 18px #d6d6d6; Nagapattinam var medium_name = $("input[name=medium_name]").val(); Be that as it may, the Government has streamlined the duty recording process making professional tax payment a lot simpler and less burdensome for citizens to file returns. font-weight: 600; Dumarkunda font-family: 'Open Sans', sans-serif; Tirupur Bhadrak Thanjavur On the off chance that you don’t fall in any of these classifications, it’s not required for you to record an ITR. Uppala } Jind Firozpur The tax as calculated must be paid by the individual. As a responsible citizen, it is your duty to file your Income tax Return on time. The income tax officer can serve the scrutiny notice within one year from the end of the month in which you have filed your return. Bharuch When the IRS processes your tax return, they will issue a tax refund. Bidar height: 4px; .adviceForm-Hdgs p { According to the new law, a fine of Rs 5,000 will be imposed if the return is filed after the due date yet before December 31 of that year and Rs 10,000 post-December 31. IE Code Proof for all the deductions claimed in the return filed i.e. Paradip Madurai } Bilaspur Pathankot Daman The tax payer is not required to submit any documents at the time of filing returns. fd.append('leadgen_service[city_id]', leadgen_service_city_id); Hosur Warangal This will ensure quick processing thus reducing hassles. Budaun Salaried and self-employed people must make sure that they file the income tax returns without fail. 2.5 lakhs. Read More » with retrospective effect from April 1 of the year. Agra Pratapgarh Ramanathapuram For a few, filing tax returns can be a repetitive procedure. display: inline-block !important; If you have plans of moving to another nation or planning to work abroad, you should have your professional tax for the ongoing years prepared. jQuery.ajax({ Income tax return(ITR) filing season has started. Theni Panchkula font-weight: 600; ATM Didn’t Dispense Cash? Even if your earning is under the taxable limit, you may have paid taxes according to  government obligations on it. This is a misconception and it is essential to know that it is our constitutional obligation to file tax returns when you are required to do so. .adviceForm-Hdgs select { font-family: 'Open Sans', sans-serif; If you have not filed your return, but TDS has been deducted in excess by your company, unless you file your income tax return, you will not get a refund and hence you may end up losing money. You should record an ITR demonstrating your non-assessable profit, which could go about as evidence for income. Lucknow Mone Bagalkot If you do not file a tax return, you will not receive your tax refund. Sivakasi You owe tax or want to receive a refund. input[type=email] { Amaravati Anand An individual can file a return to get this extra charge paid by means of TDS, or self-appraisal, in the applicable budgetary year. } Even if your pay scale does not fall in any of the assessment sections, you may have different earnings, for example, salary from tax-exempt bonds, or other non-assessable sources, which sum over Rs. } Rajkot Not having the capacity to set off losses. Hyderabad Baltora Saharanpur This brings you to the question –. 150,000 on a case to case basis. font-family: "Montserrat", sans-serif; Chitradurga Account Debited? Dehradun Under the Income Tax Act, individuals under the age of 60 years have to file professional tax return if absolute payscale surpasses Rs. So your job does not end at paying taxes, filing returns is equally important. Kangra A lot of individuals seem to think that filing a tax return is voluntary and therefore, it is not necessary. Be that as it may, the Government has streamlined the duty recording process making professional tax payment a lot simpler and less burdensome for citizens to file returns. console.log(city_service_list) So, in case the income is higher than Rs2.5lakh and you are looking for various tax deductions to bring your income below that level then it is important to file income tax returns. text-align: center; text-transform: initial !IMPORTANT; Gulbarga It is essential to file returns when your income crosses/exceeds the basic exemption limit even if it means that on account of you investment planning, your tax obligation may be nil. fd.append('_wpcf7_locale', _wpcf7_locale); text-transform: uppercase; Bikaner Alappuzha The documents required include. Make a Will fd.append('leadgen_service[lead_form_category]', leadgen_lead_form_id);
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