Income tax return is a consolidated statement where taxpayers declare income, deductions, tax payments and refunds which are to be furnished by a taxpayer to the Income tax Department. This procedure of filing income tax returns is called income tax filing. It is mandatory to file income tax return on the part of individuals and NRIs, if their income exceeds Rs.2.5 lakhs per annum. Further LLPs and companies are mandatorily required to file income tax return irrespective of amount of income or loss.
A : This is not true. Anyone earning a taxable salary, exceeding the basic exemption limit is required to file Income Tax Return even if tax liability arises or not post deductions.
A : The Due Date of filing an Income Tax Return is 31st July, 2019.
A : If you have not filed your returns within the deadline, a penalty of Rs 5,000 till December 31 and Rs 10,000 post December 31 will be levied with Interest on tax due.
A : The government has now mandatory Aadhaar-PAN linking for filing of Income Tax Return.
A : It is a big misunderstanding. Even if the TDS deducted, it is required to file Income Tax Return if your income exceeds the basic exemption limit.