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Assessees as well as tax-practitioners are very much worried about the penal provisions in section 234F of the Income Tax Act, 1961 as well as harsh provisions in respect of newly introduced section 80AC of the Act where return of income is not furnished upto due date under section 139(1) of the Act.
Krishna the due date to file income tax returns for some taxpayers for the year 2017-18 is 31st July. It is said that in the Income tax Returns, GST details are also required to be given. Who needs to give these details and how these details are to be given?
Income-tax return is a legal document and it should be filed by the assessee with due care and caution. There should be no corrections or overwriting and it should be properly signed and verified by the person authorized to do so under the provisions of the Income-tax Act. The following important points may be taken care of while filling up the return forms:
Article compiles 25 Important Points to be Considered before Filing of Income Tax Return for Financial Year 2017-18 / Assessment Year 2018-19.
Filing your tax return isn’t as simple and the outlined Do’s and Don’ts will help you in filing your income tax return correctly to ensure speedy processing by the Income Tax Department (ITD).
An assessee who is required to file a return of income is entitled to revise the return of income originally filed by him to make such amendments, additions or changes as may be found necessary by him. Such a revised return may be filed by the assessee at any time before the assessment is made. There is no limit under the income tax Act in respect of the number of time for which the return of income may be revised by the assessee. However, if a person deliberately files a false return he will be liable to be imprisoned under section 277 and the offence will not be condoned by filing a revised return.
Discover the rare benefits of filing regular income tax returns. From increased loan eligibility to building loyalty with the government, find out why it’s important to file consistently.
Representation On Relaxing The Application Of Section 234F Of Income Tax Act And Extension Of Due Date For Filing Income Tax Returns Of Individuals And Small Businesses
As you might be aware, every person who is having income more than Rs.2,50,000 Is bound to file his/her return income. This includes the Government Servants also. However, the data of returns filed Indicate that more than 50% of the Government Servants at Chennal are not filing their Income tax returns. I hope, you will agree that as government servants, we should abide by laws and to be role models to the common citizens of our country. If we, Government servants ourselves are violating law by not filing our income tax returns, we don’t have any moral right to blame other sections of society
Discover 5 different ways to easily e-verify your Income Tax Return. File your return on time and ensure smooth tax filing process.