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In India, tax is levied in two ways - Direct Tax & Indirect Tax. Direct Tax is paid directly by an individual based on his/her income. On the other hand, Indirect tax is paid to the government on an individual’s behalf by another entity. Goods and Service Tax is the primary example of indirect tax. For instance, restaurants, movie theatres or e-commerce websites collect tax during when individuals make purchases and pay this amount collected as tax to the government. Direct taxes are broadly classified into two categories:
Let us understand in detail about income tax return and income tax return filing deadlines. Eligibility to file Income Tax ReturnIf following stated conditions apply to you, it is mandatory to file income tax in India:
Income Tax Returns Filing DeadlineFiling income tax returns on or before the due dates is a must for every taxpayer. However, income tax return filing deadlines vary as per the category of taxpayers which is enumerated henceforth:
What are the consequences if you miss the income tax returns filing deadline?In case the income tax return is filed post-deadline, a heavy penalty is imposed upon taxpayers. Penalty for non-filing ITR was announced in budget 2017 effective from the financial year 2018-19. Before the budget, the penalty depends upon the total discretion of tax authorities either to impose the same or not. The penalty follows as per the following:
The process to file Income Tax Return onlineThe steps for filing income tax return are as follows:
Expert’s OpinionEven though filing of income tax return is quite simple and can be done by the assessee himself, it is always recommended to do the same under the scrutiny of experts to avoid the occurrence of any error.
Confused about ITR filing? Reach us to provide you with complete assistance for ITR filing, starting with income tax return’s filing deadline to the complete process of claiming refunds. Corpbiz
2 Comments
10/20/2022 04:56:12 pm
Thanks for sharing such a informative blog! We know you need to keep a grip on costs, so our monthly fee starts from £0, including free ATM withdrawals and transactions. If you don’t use your account one month, you don’t pay the monthly fee.
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12/22/2022 01:33:24 pm
Thanks for sharing this wonderful information! So long, spreadsheets. Thanks to AI tech, ANNA scans your receipt, stores the details and assigns an expense category, without you having to type a thing.
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