Thursday, June 28, 2018

Five Reasons You Should Done Your Income Tax Return Filing Before 31 July 2018


The income tax department makes it compulsory for every person to done income tax filing if his gross total income before allowing the deduction of 80C to 80U, exceeds Rs 2,50,000/- in the financial year. However this limit is 3 lakh for senior citizen and 5 lakh for super senior citizens.


Senior citizen means any person more than the age of 60 year at the time of filing return or super senior is the persons whose age is more than 80 years at tha time of filing return.

Normally above limit is to be considered but the assesse can file on voluntary basis even if the income of that assesse is below the above limit.
Now here we will discuss about the 5 reasons of doing income tax filing before 31st July 2018.
1) Carry Forward The Loss Of Business
The loss done by any individual or business firm in business are known as business loss and it can be forward and settle with the profit up to the next 8 years (Some conditions are there). This loss can be settle in next year only in the case the where income tax return filing done before the due that. In this financial year due that for filing is 31st July 2018.
2) No Income Tax Refund After Due Date
EFiling income tax is not mandatory for the assesse who wants to take back taxes paid as TDS, in case any TDS paid in extra by any assesse then they need to complete filing before due date. Otherwise income tax refund will not provide by the department.
3) Avoidance Of Heavy Penalty
As per amendment under section 234F of the Income-Tax Act, if a person required to furnish a return of income by July 31 fails to do so, then a fee of Rs 5000 shall be levied if the return is furnished before 31st December. However, the fee shall be Rs 10,000 if it is filed after 31st December. Moreover, if the total income of the person doesn’t exceed Rs 5 lakh, then fee payable shall not exceed Rs 1000.
 4) Legal Sanction To Your Income
Filing income tax return provides you a proof of income. It is suggestion to all assesse to file return even it they are not legally bound for this. However the date for that person should 30th September. Filling a return gives a legal sanction to your income even if you are not liable to pay taxes for the year.
5) Advantages In The Processing Of A Loan
Banks and other financial institution always demand for income tax return before sanction the loan to any assesse. Its depend on the norms of the bank to take return for continuous 2 or 3 years. So it’s better to file return for maintaining the trend if you want to take loan in coming years.

Click here to know more about detail :-
https://www.ovakil.com/Income-tax-return-filing
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