Filing ITR on time beneficial VS penalties | NPRV AdvisorsPosted by NPRV Advisors on July 23rd, 2019 To know about ITR Filing is important Taxation accounting service provided by many companies, Goverment is always active. It is actually compulsory for all the companies or individual to furnish a return of income that exceeds the maximum amount not chargeable to income tax. Income tax return is a legal document and should be filed with so much of care and cautiously. Actually there should not be over writing, no corrections and it should be signed properly and verified by an authorized person. Why timely filing is good: Aadhaar cards linking with the PAN has been made mandatory. So to avoid warning letters from the income tax department, you must keep in mind to file your ITR on time. Income tax department is tracking your financial sources. Many tax-payers receive SMS regarding the delayed filing of ITR or no filing in some cases. We should know the importance of filing an ITR even if we have paid all our taxes. There are benefits of filing an ITR even if your income isn't taxable. When you have filed the returns after the belated date the interest is calculated from the actual date of filing till the granting date. This leads to loss of interest. Even one day of delay can cause a loss of 4 months of interest, if we assume the last date to be 31st August. What if the ITR isn't filed even after the end of the Assessment year? If you do not file ITR by 31st of August of the assessment year and your taxes are still due, 5000/- INR penalty is imposed by the tax authorities, if you fail to provide a reasonable cause for delay.
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