News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Direct Tax »
 Notification NO. 85/2019 Central Board Of Direct Taxes
 Income Tax Department to launch instant PAN feature online
 Didn't receive income tax refund? You must validate your bank account. Here's a step-wise process
 You can claim this even when your income doesn't exceed Rs 5 lakh exemption limit
  How the proposed new Direct Tax Code could cut your income tax
 Income Tax Return: Why you need to file your ITR on time
  How to file ITR-1 online
  All the new details required in income tax return forms for FY18-19
 India mulls personal income tax relief while scrapping some exemptions
 ITR Filing: Filing return? First, know this IMPORTANT THING through income tax calculator
 How the proposed new Direct Tax Code could cut your income tax
 How is the residential status of an individual determined for income tax
 Notification No. 49/2019 Central Board of Indirect Taxes and Customs
 Direct tax code aims to simplify archaic tax rules as we know it
 Have ITR related queries? This is how you can get them answered

Income Tax Return: Why you need to file your ITR on time
October, 30th 2019

In the Union Budget 2017, a new Section 234F was announced by the government which is applicable for returns filed from FY 2017-18 onwards. The maximum penalty is Rs 10,000

Taxpayers are required to file their income tax return (ITR) before the set due date of the assessment year (AY). The government normally gives a 4-month window for taxpayers to consolidate their income details and file their ITR every AY. If the returns are not filed by the given due date, you may face penalties or other consequences.

Deadline for filing ITR
July 31 of the AY for all taxpayers who are not liable to get their accounts audited.
In case of taxpayers whose accounts are liable to be audited under any law, the due date will be September 30 of the AY.
If an assessee is required to furnish a report under Section 92E of the Income Tax Act pertaining to international/specified domestic transaction, the deadline will be November 30 of the AY.

Benefits of filing ITR
Filing ITR is an annual activity that is considered to be both social and moral responsibility of every citizen of the country. Apart from that, there are many other benefits which are mentioned below:

Loan or card company may seek your return
If you are planning to apply for a vehicle loan (2-wheeler or 4-wheeler), house loan, etc., then it is recommended to file your returns as the loan company may request it. Consider filing your spouse’s returns too, if you want to apply for a loan as a co-borrower. In some cases, even credit card companies seek proof of return before issuing a card.

Claim tax refund
If you are to receive a due refund from the Income Tax department, you must file your ITR on time and get it as early as possible.

Claim adjustment against past losses
To claim an adjustment against various past losses incurred by an individual or a business, it needs to be recorded in the tax return in a financial year.

To avoid penalty and prosecution
Not filing your ITR on time can lead to a penalty and other inconveniences. You can avoid this by proactively filing your ITR.

Consequences of late filing ITR
Apart from a penalty, there are many other consequences that you may have to face due to the delayed filing of your ITR. In the Union Budget 2017, a new Section 234F was announced by the government which is applicable for returns filed from FY 2017-18 onwards. The maximum penalty is Rs 10,000.

Less time to revise your return
If you make a mistake while filing your ITR, under the changed rules, you can make the necessary changes before the end of the relevant assessment year. Earlier, taxpayers had two years to revise and resubmit their inaccurate ITR.

Interest on delay of filing ITR
Under Section 234A, if a taxpayer does not file ITR before the deadline, interest will be levied at 1% every month on the unpaid tax amount. Further, it must be noted that one cannot file ITR unless the taxes are paid.

Delayed refunds
If you are entitled to receive refunds from the I-T department, you should file ITR before the due date. You can file your ITR on time from the government portal and stay away from tax notices and other dire consequences.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2019 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Enterprise Resource Planning Solutions ERP Solutions Enterprise Resource Planning Software Solutions ERP Software Solutions Supply Chain Management Solutions SCM Solutions Supply Chain Management Software Solutions SCM Software Solutions Enterprise Resource Planning Solutions India ERP Solutions India Enterprise Resource Planning Software Solutions India ERP Software Solutions India Supply Chain Management Solutions India SCM Solutions India Supply Chain Management Software Solutions India SCM Software Solutions India

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions