Don’t Delay Filing Your Income Tax Returns


The government gives its taxpaying citizens a window of at least 4 months to consolidate the income details and file the income tax returns every assessment year from 1 April to 31 July for the previous year which ended on 31 March. Since filing your ITR, takes only a few minutes reasonable. Besides paying taxes on time, we must also file the returns by the due date or face consequences. 

The Income Tax Department makes it a must for everyone to file an income tax return if your gross total income is more than Rs 250,000 in a financial year (before allowing the deductions under the section 80C to 80U). This limit is extended to Rs 300,000 for elderlies who are past the 60 years old mark but the age is lower than the 80 years old) and the amount increases 500,000 for super-senior citizens ( that is more than 80 years old). However, you can file your income tax returns even if your income is less than the maximum exemption limit. Get help from the best CA firms

You can file ITR1 through TDS return service with the help of accountants of Chennai, where you need to fill up the income from salary and other sources. Show your salary income under the category of “income from salary” and the income you earn from part-time from “income from other sources. “
An online platform helps us file TDS returns with effortless ease. People are now going for e-TDS as it is a simple procedure. There are many e-TDS filing software that you can utilize. It makes the process of filing TDS returns simple and something that you can rely upon. You can go for Host Books TDS is listed on NSDL as it is an e-TDS service provider. The income tax department has withdrawn, the filing of manual returns.

Ministry of corporate affairs has shaken things up and transform the entire filing process online. The
just introduced GST can also be conducted online, starting from the registration process to the returns filing process.

Are you looking for reasons to e-file your income tax returns? Check out the below reasons,

1 ) Carry forward of loss
When the firm or an individual incurs business losses such as speculative and non-speculative or capital losses (both short-term and long-term) it cannot be shown as an exemption to extend and carry forward last year’s losses. However, a person only benefits if he/she files one’s income tax return.

2) Income tax refund
Tax return filing is not merely fulfilling one’s duty towards the nation but to claim an income tax refund. 

3) Avoiding penalty
Under the section 234F of the Income-Tax Act, if a person fails to file his returns by July 31 then he is supposed to cough up a fee Rs 5000 if the return is furnished before 31st December. The fee would shoot up to Rs 10,000 if it is filed after 31st December. However, it must be noted if the total income of a person does not cross the Rs 5 lakh marker then the money should not cross Rs 1000.

4) Legal sanction to your income
The assessees' income must be audited according to the IT Act, the date of filing the return would be 30th September.  If you regularly file your returns you will give a stamp of legal sanction to your income even if you are not supposed to pay the taxes for the year.

5) Your loan would be easily processed
You need to submit your income tax returns to process different types of loans such as home loans, educational loans and so on. You need to file your returns to enable the process of any visa. Even some of the credit card companies require your proof of tax returns before providing a card.

6) Registration of immovable property
A few states demand that your income-tax return of the last three years must be registered as per the immovable property. Also, a legal sanction pertaining to taxable or otherwise helps you to prepare for the property owned.

Filing income tax return ensures you perform duties as a senior citizen and also ensures smooth governance. Also, it protects the hassles of being served a show-cause notice from the I-T department.

What is the due date for Income Tax Filing Returns? Why Should you File it?

The Income Tax Department makes it mandatory for everyone to file income tax return if your gross total income is more than Rs 250,000 in a financial year (before allowing deductions under section 80C to 80U). This limit is extended to Rs 300,000 for senior citizens who are more than 60 years old, but is less than 80 years old) and the amount increases to 500,000 for super-senior citizens ( that is more than 80 years old). However, you can still file your income tax returns even if your income is less than the maximum exemption limit. Get help from the best CA firms
You can file ITR1 via TDS return service with the help of the best accountants of Chennai, where you need to provide details of income from salary and other sources. Show your salary income under the paradigm of” income from salary” and the income you earn from part time from “income from other sources. “
An online platform helps us file TDS returns with ease. People are now going for e-TDS as it really convenient and simple. There are many e-TDS filing software that you can use. It makes the process of filing TDS returns simple and something that you can depend upon. You can go for Host Books TDS is listed on NSDL as an e-TDS service provider. The income tax department has long withdrawn, the filing of manual returns.

Ministry of corporate affairs has changed things up and transformed the entire filing process online.
Recently introduced GST can also be conducted online, starting from the registration process to the returns filing process.

Still looking for reasons to e-file your income tax returns? Check out the below reasons,

1 ) Carry forward of loss
When the individual or a firm incurs business losses such as speculative and non-speculative or capital losses (both short-term and long-term) it cannot be shown as an exemption to extend and carry forward last year’s losses. However, a person can benefit only if he/she files one’s income tax return.

2) Income tax refund
Tax return filing is not merely fulfilling one’s duty towards the nation but to claim an income tax refund. 
3) Avoiding penalty
Under the section 234F of the Income-Tax Act, if a person is unable to file his returns by July 31 then he is supposed to pay a fee of Rs 5000 if the return is furnished before 31st December. The fee would increase to Rs 10,000 if it is filed after 31st December. However, if the total income of the person does not cross the Rs 5 lakh marker then the money should not cross Rs 1000.
4) Legal sanction to your income
The income of the assessees must be audited according to the IT Act, the date of filing the return would be 30th September.  If you regularly file your returns you will give a stamp of legal sanction to your income even if you are not supposed to pay the taxes for the year.
5) Your loan would be easily processed
You need to submit your income tax returns to process different types of loans such as home loans, educational loans and so on. You need to file your returns to processes any visa. Even credit card companies require your proof of tax returns before providing a card.
6) Registration of immovable property
A few states demand your income-tax return of the last three years for registering immovable property. Also, a legal sanction to income taxable or otherwise helps you to prepare for the property owned.
Filing income tax return helps you perform responsibilities as a citizen and also ensures smooth governance. Also, it shields you from the hassles of being served a show-cause notice from the I-T department. Tax consultantsin Chennai or consultants in other cities of the country help you return files on time.

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