Income Tax Return
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Income Tax Return
Income Tax Return Filing
The return of Income Tax also known as ITR is a statement of taxable income, a computation as to how the taxable income is calculated and details of the taxes paid by the taxpayer during a specific financial year. The ITR is filed in the assessment year which is subsequent tax period to the period in which income is earned. For the last date (Due Date) of submitting the ITR for individuals is 31st July while for companies it is 30th of September
File your Income Tax Return within time!
Income tax return is an annual statement of the income and tax paid thereon based on self-assessment by the taxpayer detailing the gross receipts, expenses & taxes paid. The return of income tax has to be filed within its due date which falls in the next financial year for the income earned during a financial year. The year in which the return is to be filed is known as assessment year and the period for which the tax return is filed is known as the previous year. For example,the if the income earned is within 2017-18, then the period shall be known as the previous year and the assessment year shall be 2018-19.
First Pay Tax Then File The 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 of Rs. 10,000/-. 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 reduced.