Due date of filling income tax return or ITR has been specified by the IT department. If it has not been submitted within such time allowed then it will be treated as a belated return. Such belated return will have following consequences; You will be liable for a penal interest @1% per month under section 234A of IT actIf you have submitted the belated return after the … [Read more...] about Consequences of filling Income tax return after the due date
IT Return Filing
How to raise a Rectification Request for your Income Tax Return Online
Any person who has filled his income tax return online can rectify it within the rules and regulations of IT act, 1961. If there is any mistake in the income tax return which is apparent and the perosn or assessee has received an order under section 143 (1) of IT act 1961 then the changes to the mistake can be done online. Rectification of your ITR means, correcting the … [Read more...] about How to raise a Rectification Request for your Income Tax Return Online
5 things to remember while efilling your income tax returns
It’s a general tendency of human beings to wait till the last minute to file their IT return. Due to the recent changes, an individual having taxable income exceeding INR 5 Lakhs have to compulsorily file their IT returns online. This will result in a significant increase to the number of online fillings. Here are some of the points that you should remember for a error free … [Read more...] about 5 things to remember while efilling your income tax returns
Assessment year and previous year – How Income tax is charged to tax
Income is taxable on the net income that is earned during the previous year (PY). It is assessed in the immediately succeeding financial year which is known as assessment year (AY). All taxpayers are required to follow a uniform Previous Year. As per present tax laws, Assessment Year means the period 12 months commencing on the first day of April. That means it’s the … [Read more...] about Assessment year and previous year – How Income tax is charged to tax
What is the process of filling your income tax return
Income tax return or ITR can be filed in two ways: (1) filing income tax return electronically, (2) Manual filling of IT return which is submitting the return in paper format with the tax department. Now a days, most of the ITRs are required to be filing online. To file your ITR you need to select the ITR form applicable to you based on your income and status. After … [Read more...] about What is the process of filling your income tax return