The due date for filing of your income tax returns for the year ending 31st March 2015 is approaching very fast i.e. 31 August 2015. Only last few days are left to complete the annual compliance related to filing of income tax returns. To avoid the last minute rush for your income tax return filing follow the smart steps.
Smart steps for income tax return filing. Here are few things that one must take care of
- Download the correct ITR form
- Prepare Statement of total income
- Claim all the eligible deductions
- Take tax credit as per form 26AS
- Deduct the advance tax paid
- Pay balance taxes online
- Prepare the return in the correct ITR form
- Prepare the xml file from the ITR form
- Login to income tax portal and upload the xml file so created
- Once the return is correctly uploaded, electronically verify your return
Let us know the penal actions that will be charged against you, if you fail to file the return within due date.
- Simple interest @ 1% on the total tax liability will be charged under section 234A.
- Penalty of such amount as decided by AO for any default in making payment of tax within prescribed time-frame.
- Penalty of Rs. 5,000/- under section 271F for failure to file income tax return within due date.
- Penalty of Rs. 25,000/- under section 271A for failure to keep or maintained books of accounts as required by section 44AA.
- For concealment of income or any part thereof or furnishing inaccurate particulars of income – Penalty equal of 100% of tax so evaded.
Enjoy the happy return filing. Feel free to Write if you have any query.