The income tax return filing can be defined as a declaration of a taxpayer in the eyes of the income tax department about his income and expenditure in the financial year .The main aim of the declaration is to determine the tax liability of the taxpayer.
The tax liability is basically decided on the basis of current tax slab rate determined by the income tax department.In india the income tax return filing is mandatory for a person or individual whose total income is more than the prescribed limit as per specified slab rate. The declaration in the ITR contains all the details of the income earned during the financial year between 1st april to 31st march. The whole process is governed under the income tax act,1961.
The penalty is being charged on the non filing or late filing of income tax return which is maximum to Rs 10000.
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