Income Tax Returns E Filing – IT Filing
Q: The last month of the file
IT returns is begin and so is the worries of all the taxpayers, what must a
taxpayer should know?
ANS - The month of August is very important for all Taxpayers. In our
Country, the Financial Year April to March is applicable for all Tax Laws.
That's why Books of Accounts are made for the period of April to March. In Budget
2017 Stringent provisions relating to filing of Income Tax Returns have been
made.
Q - who all are required to
file an Income Tax return?
ANS - It is
mandatory for-
1) Individuals, HUF's Who have income above exemption Limit
2) For Companies, LLP's Partnership Firms irrespective of their Income.
3) Trusts, Political Parties whose Income before exemption exceeds the basic Limit liable for Tax.
2) For Companies, LLP's Partnership Firms irrespective of their Income.
3) Trusts, Political Parties whose Income before exemption exceeds the basic Limit liable for Tax.
However its also recommended for persons who have
1) Income below exemption limit but have deposited large amounts of cash in bank accounts during demonetization period. 2) Persons who have made high value transactions.
Also Non filing or incorrect filing of return of income may result in penalty or prosecution.
Q - What was the time limit for filing Income Tax Return for the
year 2017-18?
ANS - The
due date for filing the income tax return for the year 2017-18 is 31st August
2018 for assesses not liable for Tax audit.
If return is not filed within due date, late fees will be levied
Rs 1,000 if the income if below Rs 5,00,000 and Rs 5,000 if the income exceeds
Rs 5,00,000 and if the return is filed after 31stDecember then the late fees
will be Rs 10,000.
