Q & A - Income Tax Returns E Filing – IT Filing

Income Tax Returns E Filing – IT Filing

Q:  The last month of the file IT returns is begin and so is the worries of all the taxpayers, what must a taxpayer should know?

ANS - The month of August is very important for all Taxpayers. In our Country, the Financial Year April to March is applicable for all Tax Laws. That's why Books of Accounts are made for the period of April to March. In Budget 2017 Stringent provisions relating to filing of Income Tax Returns have been made.

Q -  who all are required to file an Income Tax return?

ANS -  It is mandatory for-
1) Individuals, HUF's Who have income above exemption Limit
2) For Companies, LLP's Partnership Firms irrespective of their Income.
3) Trusts, Political Parties whose Income before exemption exceeds the basic Limit liable for Tax.
However its also recommended for persons who have 

1) Income below exemption limit but have deposited large amounts of cash in bank accounts during demonetization period. 2) Persons who have made high value transactions.
Also Non filing or incorrect filing of return of income may result in penalty or prosecution.

Q - What was the time limit for filing Income Tax Return for the year 2017-18?

ANS -  The due date for filing the income tax return for the year 2017-18 is 31st August 2018 for assesses not liable for Tax audit.
If return is not filed within due date, late fees will be levied Rs 1,000 if the income if below Rs 5,00,000 and Rs 5,000 if the income exceeds Rs 5,00,000 and if the return is filed after 31stDecember then the late fees will be Rs 10,000.

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