Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: VAT RATES :: Central Excise rule to resale the machines to a new company :: list of goods taxed at 4% :: TAX RATES - GOODS TAXABLE @ 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARDS :: empanelment :: TDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: cpt :: due date for vat payment :: ACCOUNTING STANDARD :: articles on VAT and GST in India :: VAT Audit :: form 3cd
 
 
« General »
 Simplified one page Income Tax Return Form: Changes to keep in mind before filing tax return for AY2017-18
  No proposal to replace Income Tax with Banking Cash Transaction Tax
 GST coming July 1 despite calls for delay: Revenue Secretary Hasmukh Adhia
 Centre introduces provision of taxation on NPS in Income Tax Act
 Income Tax Department Clarifies On Cash Withdrawal From Banks, Post Offices
 The Goods And Services Tax (Compensation To States) Bill, 2017
  Goods and Service Tax (GST) and Real Estate Sector
 New Income Tax Rules On Home Loan Come Into Effect
 Here's how late filers can save on stress and taxes
 Clarifications on the Taxation and Investment Regime for Pradhan Mantri Garib ?Kalyan Yojana, 2016
 Companies should invest in upgradation of tax technology

File tax return, but get your facts right
March, 26th 2010

A company/firm; or any other person whose total income exceeds the maximum amount which is not chargeable to income tax is required to file the income tax return on or before the due date in the prescribed form. Furthermore, the tax return form is required to be verified in the prescribed manner as per the provisions of Income-Tax Act, 1961 (the Act).

The Due date

Different dates have been specified under the Act for filing a tax return by different sets of tax payers. In the case of salaried individuals, the tax return is to be filed by July 31 as the relevant financial year draws to a close.

Making up for the loss

If any person who has sustained a loss in any financial year under the head 'Profit & gains of business or profession' or under the head 'Capital gains' and wants such loss to be carried forward to be set off against his future income, then he should furnish his tax return on or before the due date.

Missed the deadline?

If a person has not furnished his tax return within the due date or within the time allowed under a notice issued to him by the tax authorities as per the provisions of the Act, then he may furnish his tax return at any time before the expiry of two years from the end of the relevant financial year for which return is to be filed or before the completion of the assessment, whichever is earlier.

Omissions, if any

If any person who has filed his tax return within the due date or in pursuance of a notice issued under the Act, discovers any omission or any wrong statement in the same, then he may file a revised return at any time before the expiry of two years from the end of the relevant financial year or before the completion of the assessment, whichever is earlier.

More leeway

If the taxmen consider that the return filed by the tax payer is defective under the provisions of the Act, then they may intimate the defect to the tax payer and give him an opportunity to rectify it within 15 days from the date of such intimation or within such period as they may deem fit.

Signing the tax return

In the case of an individual, the return is to be signed by an individual himself. In case such individual is absent for some reason, then his return could be signed by any person duly authorised by him on his behalf.

In such an event, the person signing the return should hold a valid power of attorney from the individual to do so. In case an individual is mentally incapacitated from attending to his affairs, then the return is to be filed by his guardian or any other person competent to act on his behalf.

Why file a tax return?

Besides being an important record of an individuals taxable income, filing a tax return has a few other important advantages. Generally, banks ask for a copy of the tax return(s) while granting loans business loans, home loans, etc. In respect of immigration/foreign travel as well, many a time the immigration authorities insist upon copies of tax returns. Thus, due care and caution should be exercised while filing ones tax return.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Outsourcing Company Offshore Software Outsourcing Software Outsourcing Company India Offshore Outsourcing Company India Software BPO Software Business Process Outsourcing Software Outsourcing India Offsho

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