Income Tax Return
Income Tax Return (ITR)
is submitted annually, every year up to 31st July. There are
prescribed forms to file the income tax return available on the web portal of the income tax department. In order to carry forward losses or to claim a refund of
excess deducted TDS; it is must submit the income tax return within the
desired stipulated time i.e. up to 31st July in the case of the individual.
A Course on e-filing Income Tax Returns (ITR) for Salaried Persons is organized in online mode for specific training for accurately e-filing Income Tax Return specifically ITR-1.
Forms to submit Income Tax Return (ITR):
The most popular ITR form
is SAHAJ which is also known as ITR-1; it is used by individuals having income
from salary, house property, and other sources. The ITR-2 form is submitted by
individuals or HUF with income from sources except for Business or Profession. The
ITR-3 form is submitted by individuals or HUF with income from Business or Profession.
The ITR-4 form is known as SUGAM and it is used by individuals or HUF or Firm
with presumptive income from business or profession. The ITR-5 form is
submitted by firms or companies or other organizations except those who claim an exemption under section 11 or who file returns under section 139 (4A… to … 4F). The
organizations who require to claim an exemption under section 11, use the ITR-6 form
and the organizations who file returns under section 139 (4A… to … 4F) use ITR-7
to submit their return.
During the submission of
returns (ITR-1 to ITR-7); there is no need to attach any document or paper with
the return. The documentary proof or evidence of the figures stated in the submitted ITR are required to be maintained by the assessee and the same can be
demanded at any time by the income tax department. It is required to maintain
such evidence for at least six years, in case any legal proceeding is
initiated by Income Tax Department during this period; then maintain it till such
legal proceeding is not closed.
In case of any query
relating to filing of ITR, there is a toll-free number of the income tax department
i.e. 18001801961.
Penalty in case of non-filing of Income Tax Return:
In case, the income of an
assessee is taxable and the ITR is not filed within the stipulated time frame
then the penalty is imposed by the income tax department. In case of
individuals, the due date of submitting ITR is 31st July and in
case, it is not submitted then the following late filing fees is applicable
under section 234F:
(i) Rs. 1000 (One Thousand) for individuals having income less than
Rs. 5 lac
(ii) Rs. 5000 (Five Thousand) or Rs. 10000 (Ten Thousand) for returns
submitted up to 31st December or after 31st December of the Assessment year respectively.
What to do if inaccurate information is submitted in ITR:
In case of any mistake or
omission, an assessee is required to resubmit the ITR known as the revised ITR
before the end of the Assessment Year. It can be submitted by both means i.e.
on paper or online as per the mode of the original ITR submitted earlier.
What happened if someone files ITR after the stipulated time frame:
There are a number of
losses to an assessee if the ITR is not submitted on or before the due date. The
ITR submitted after the due date is known as a belated return and in such case, the
following things affect negatively:
1. The Assessee is required
to pay interest on the due amount of income tax under section 234A.
2. The losses which can be
carried forward usually, cannot be forwarded if ITR is not submitted on or
before the due date except for the loss from House Property.
3. Late fees on default is
charged under section 234F amounting to Rs. 1000 or Rs. 5000 or Rs. 10000.
4. Exemptions under sections
10A and 10B cannot be claimed.
5. A few deductions are also
not be claimed like 80-IA to IE.
Keep in touch with the latest updates. It is well said, "Self-education will make us think outside of the box. It transforms us into a new person through reading, observing, and experimenting on our own with a self-crafted syllabus, curriculum, and timetable. When we start self-educating ourselves, our brains will get out of the narrow mindset. And it will start to expand our mindset".
*Copyright © 2018 Dr. Lalit Kumar. All rights reserved.
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