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 The income tax department has withdrawn, the filing of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.
