Income Tax Return Filing
Every salary earning employee needs to file his Income Tax Returns (ITR) every year, based on the income he draws during the course of the year. Computation of income as well as managing rebates under different applicable sections and then arriving at the final ITR form can get very cumbersome.
At TMJ Group, we offer a host of services to make your life less Taxing. We offer a host of income tax return services including preparing and e-filing your taxes. We also help in in-person tax e-filing. We offer tax consultancy and scrutiny to ensure that you are compliant with the regulations. TMJ Group also offers help in related income tax return services in India like PAN application, refund assistance etc.
What is Income tax?
There are two types of taxes in India – direct tax and indirect tax.
Direct tax is a tax that is calculated and paid directly on your Income e.g. tax on salary etc. Income tax is a direct tax.
Indirect tax is a tax that is indirectly charged to you on purchase of goods or use of service e.g. Buying a mobile phone or eating in a fast food joint. The seller of the mobile phone or the fast food service provider charges you tax and then deposits the same to the Government account. Most indirect taxes are now covered under Goods and Services Tax (GST).
Everyone who earns income above a certain amount is subject to income tax. Your income could be from salary, interest income from savings, income from mutual funds, sale of property or business or professional income. Income tax rates are pre-decided at the start of the year in the Union Budget (in the Parliament of India). The tax paid or deducted on these incomes is called the income tax.
Why should you File?
Many think that filing tax returns is optional and therefore dismiss it as unnecessary and burdensome. Filing tax returns is an annual event and is a moral and social duty of every responsible citizen.
Filing returns is a sign that you are responsible
The government mandates that individuals who earn a specified amount of annual income must file a tax return. Failure to pay income tax and file the income tax return will invite penalties from the Income Tax Department.
Those who earn less than the prescribed level of income can file their income tax return voluntarily.
What if I do not file?
In case you do not file, the Income tax Department will send you a notice asking you to file your return and may ask you to pay a penalty for not filing your income tax return. You will not be given your refund. If you are found to owe the government taxes, the interest on the base tax keeps adding up till you pay.
If you are found to owe the government taxes money, then the interest keeps adding up till you pay. A penalty may also be levied.
A new section 234F has been inserted in Income Tax Act, 1961 with effect from Assessment Year 2018-19 (Financial Year 2017-18). Under this section, fee (penalty) is levied if the Income-tax return is not filed within due date. Earlier penalty for delay in filing of return was levied at the discretion of Assessing Officer. But now, the same is payable before filing of Income-tax return.
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