The Income Tax Department has issued forms for filing returns. Taxpayers have started filing returns. Experts say that taxpayers should not wait for the last date to file returns.
Income Tax Deadline: The deadline for filing income tax returns is approaching. It is beneficial to file income tax returns before the deadline. Experts say that there is a high chance of making mistakes in filing returns at the last moment. According to the Income Tax Act, it is mandatory for every person whose income is more than the basic exemption limit to file a return. The deadline for filing income tax returns is 31 July.
Who is required to file a return?
If your income is more than the basic exemption limit, then you will have to file a return by 31 July. Forms (ITR Forms) have been issued by the Income Tax Department for filing returns. Form 16 is necessary for salaried taxpayers to file returns. It is necessary for the employer to issue Form 16 by 15 June. If you are a salaried taxpayer, then you should check whether your company has issued Form 16 or not.
What will happen if you do not file the return?
If you do not file the income tax return by the last date, then you will have to pay a penalty. However, the Income Tax Department provides the facility of filing belated returns i.e. returns after the deadline. But, you will be able to file belated returns only if you pay the penalty. This penalty is imposed under Section 234F of the Income Tax Act, 1961. If the total income of a taxpayer is up to Rs 5 lakh in a financial year, then a penalty of Rs 1,000 will be imposed on him. If the income is more than Rs 5 lakh, a penalty of Rs 5000 will be imposed. Also, taxpayers will have to pay 1 percent interest every month on the tax amount. Belated returns can be filed till December 31.
What are the disadvantages of not filing the return?
There are many disadvantages of not filing the income tax return. The taxpayer will not be able to carry forward the loss of the current assessment year. If his tax has been deducted in excess in the form of TDS, then he will not get a refund until the income tax return is filed. If the taxpayer wants to take a home loan or car loan, then without the income tax return, the bank will not accept his loan application.
