Filling of Income Tax return on due date is one of the important task of each individual falling criteria in filling of income tax return. This is duty of every citizen as responsible citizen to file return within due date, as Direct tax is one of important source of revenue collection of Govt, base on this govt get data on collection of revenue from direct Tax.
There is substance increase in no of income tax return filer , Government’s demonetization drive resulting in massive jump in the number of return filed , last year there is approx Increase in no of Return files is approx 24% in last two financial years.
There are No of benefits from filling of income tax return as this boost chances of Home loan sanction from bank at reasonable rate, Taking visa for international travel, credit card companies also ask proof of tax return, Registration of Immovable properties required income tax return is required.
Income Tax return is statement of income earned under various head and payment of Tax on income earned accordingly to applicable rate. Filling of Income tax return is Authenticity that all the income earned has been declared and tax thereon has been paid.
From assessment year 2018-19 a new section 234F has been inserted to levied penalty for non filling of income tax return within due date. In case of assesses whose Total income is exceed more than 5 lac filled return after due date but before 31st Dec penalty of Rs 5000/ will be imposed. In case if return filled after 31st Dec penalty amount would be 10000/.
If Total Income is less than 5 lac penalty amount is Restricted to 1000/ for filling of return after due date.
For Assessment year 2018-19 total 7 Income tax return form has been issued by Income tax deptt, for Individual ( other than ordinarily Resident) whose Total income from salary , one house property and other sources is is up to 50 lac only should use ITR 1.
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