Income Tax Filing

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Frequently Asked Qustion

Whether NIL ITR is mandatory to be filed?
Do I need to file return if there is a loss in my business income?
Whether payment of tax is made while IT return filing?
Can I file ITR once the last date of filing is gone?

Income Tax Filing

Its is mandatory for individuals, NRIs, partnership firms, LLPs, companies and Trust to file income tax returns each year. Individuals and NRIs are required to file income tax return, if their income exceeds Rs.2.5 lakhs per annum. Proprietorship firms and partnership firms are required income tax return - irrespective of amount of income or loss. All companies and LLPs are mandatorily required to file income tax return, irrespective of turnover or profit. IndiaFilings provides income tax efiling services with dedicated Tax Expert support. Upload your Form-16, sit back and relax. Our experts will file your income tax return and provide you the acknowledgement within 1 - 2 business days.

Penalty for Not Filing Income Tax Return

Taxpayers who do not file their income tax return on time are subject to penalty and charged an interest on the late payment of income tax. Also, the penalty for not filing income tax return on time has been increased recently.

The penalty for late filing income tax return is now as follows:

Late Filing between 1st August and 31st December - Rs.5000 Late Filing After 31st December - Rs.10,000 Penalty if taxable income is less than Rs.5 lakhs - Rs.1000 Income Tax Return Due Date The due date for income tax return filing is 31st July of every year for individual taxpayers. The due date for income tax return filing for companies and taxpayer requiring tax audit is 30th September. Section 44AD of the Income Tax Act deals with tax audit under Income Tax Act.

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