Accounting & Tax Returns

Filing returns for individuals beyond September 15, 2025 will attract a penalty of Rs 5,000 (if income exceeds Rs 5 lakh) and Rs 1,000 for lower incomes under Section 234F.

Maximize your take take home income by planning your tax investments wisely.

The income tax department on Thursday extended the last date for filing income tax returns (ITR) by a month. The due date for ITR filing has been extended to 31 August from 31 July, the income tax department said in a statement. This will come as relief for taxpayers who are yet to file their income tax returns. From this year, according to a budget provision, late ITR filing could attract a penalty of up to ₹ 10,000.

A penalty of ₹ 5,000 will be levied if the return is filed after the due date but before 31 December. The penalty will be ₹ 10,000 after 31 December. However, if the taxpayer’s income is less than ₹ 5 lakh, the maximum penalty levied is capped at ₹ 1,000.

Major Income Tax change come into effect from April 1, 2018 - Penalty on late filing of Income Tax Return after due date 31st July, 2018.

RBI hikes interest rate by 0.25% Loans set to become costly

Govt extends deadline to file income tax returns August 5

Final Due Date for EVC Verification or ITR-V Submission for previous years (31 August 2016): CBDT Circular

Income Tax Department has vide Circular No. 13/2016 dt. 9th May, 2016, provided final opportunity to the taxpayers to regularize their pending income-tax returns pertaining to the Assessment Year’s 2009-2010 to 2014-2015 which were filed as per provisions of section 139 of the Act but were declared Non-est/have remained pending for verification just for want of receipt of a valid ITR-V Form at CPC, Bengaluru, as under:
CBDT Circular No. 13/2016 [F. No. 225/46/2016-ITA.II] dt. 9th May, 2016

Due date of filing Income Tax return for A.Y.2016-17 (F.Y. 2015-16) is 31st July. Contact me to avail expert services to file your income tax return.
Regards,
Sandeep
E-mail : [email protected]
Mobile : 9833483201

FILE YOUR INCOME TAX RETURN

BENEFITS:
income proof
the loans sanctioned easily
all your financial transactions with ease like you can trade in stocks, open bank accounts, get bank credits, make investments etc. if you remain good in the financial institutions books by filing your tax returns.
your refunds for taxes deducted or paid in excess of your tax liabilities. i.e. excess tax deducted by employer or for services receipts, tax deducted by banks on interest exceeding yearly Rs. 10,000/-
of the important documents to get foreign countries visa. So to prove your financial worth, Income tax returns are must.
of our nation.
professionals and business Entities, Income tax returns are a must to present in various government bodies.

DISADVANTAGES:
you don’t file your return in time, you will have to pay interest on your tax dues when you file at a later date.
not claim your refunds for taxes deducted or paid in excess of your tax liabilities.
you have incurred losses, you can not carry forward the same to subsequent years if you do not file your return.
could become liable for a penalty or Prosecution by the Income Tax Department if you conceal or fail to disclose your income.

Budget 2016 Vs Common Man

1. Additional Rs. 50000/- deduction on Housing loan interest (Residential property max value 50 lacs & loan amount not more than 35 lacs)

2. More affordable housing projects to commence soon - Income Tax benefits to housing projects developer upto 30 sq. mtrs. In metro & 60 sq mtrs in non metro & service tax benefits for houses upto 60 sq mtrs residential property

3. Income Tax slabs unchanged. Tax relief u/s 87a increased to Rs. 5000/- from 2000/- on taxable income of Rs. 5 lacs or below

4. NPS scheme withdrawal at the time of retirement 40% exempted from tax, also the same benefit made available for superannuation funds, recognised PF & EPF but tax levid on 60% withdrawal of EPF corpus as well as 60% of interest accrued on EPF will be taxable (contributions 1.4.16 onwards)

5. Buying a car is still in your resolutions list then pay out more
-TDS 1% on car value exceeding 10 lacs
-Infrastructure cess 1% on small petrol, LPG, CNG cars & 2.5% on diesel cars & 4% on higher engine capacity & SUV's

6. To***co products got costlier as excise duty increased by 10-15% except bidi. Excise duty on petrol hiked by 75 paise/litre on petrol & 183 paise/litre on diesel

7. Service Tax increased to 15%

PPF, NSC rates to be cut; bank FDs may fetch lower interest - The Economic Times The finance ministry is finalizing product-specific rates and sources said the impact would be higher in case of maturity period of less than five years.

Income tax return e-filing date extended to 07th Sept 2015