Income Tax Return Filing
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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1] Sole proprietors
3] An individual [ NRI and Resident of India ]
4] LLP and Partnership firm
Note - The ITR filing for the partnership firm ,sole proprietorship firm , companies , firm ,LLP etc. is compulsory to be filled whatever may be the profit and losses ,income and turnover etc.
A] AVAILABLE PROPER FINANCIAL DOCUMENTATION -
The proper financial documentation is being available as ITR is an important financial document being required whenever any one applies for loan or visa.
B] NO NOTICE FROM INCOME TAX -
Whenever the income tax return filing is done timely and properly there is no issue of getting any notice from the department of income tax
C] CARRY FORWARD OF LOSSES -
The losses can be carried forward against house property and depreciation .
D] INCOME TAX REFUND -
One can claim for the income tax refund at the time of filing of the ITR.
E] VISA PROCESSING -
The embassies normally ask for income tax return for the last 03 years in order to have fast visa processing .
The due date for income tax return filing for an individual salaried person is 31st july.
The people who are earning their income through the business or self employed are needed to file their ITR before 31st march.
In case the companies or taxpayer has tax audit compulsory should file the ITR till 31st september .
1] The basic documentation required are adhaar card number , pan card , address details of the individual or taxpayer.
2] The bank account details are also required which are being used in the financial year .
3] Other mandatory disclosure such as salary income , saving account details , fixed deposit details etc. to be provided.
4] Provide information regarding deduction claimed under section 80
5] Advance tax payment information to be provided.
Therefore one should have all documents being available before filing of income tax return and seek professional advice for filing the ITR.
After filing of income tax return a 15 digit acknowledgement number will be generated.The ITR can be filed using the net banking also.