Income Tax Return (ITR)

  • Components of ITR
  • Process of Filing ITR
  • Due Date
  • Revised Return
  • Belated Return
  • Consequence of Non-filing of ITR: If an ITR, required to be filed under the Act, is not filed, a penalty of Rs 5,000 can be levied by the Assessing Officer (AO). Also, if the ITR is not filed within the time period provided for Belated Return, the assessee loses the right to file the ITR. Also the undisclosed income (as the ITR is not filed) attracts penalty of 100% to 300% of tax amount.



Benefits of Filing of ITR

  • Avoidance of Income Tax Notice For Discontinuity
  • Claiming TDS refund
  • Track Record
  • Requirement
  • Carry Forward of Losses

 

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