Trend Setter Associates helps to file all types of e-filings return such as Income Tax, Tax Deducted at Source, EPF & ESI, etc., Electronic filing is the process of submitting tax returns over the Internet using tax preparation software that has been pre-approved by the relevant tax authority.
Income Tax Filings
Filing returns is a sign you are responsible. The government mandates that individuals who earn a specified amount of annual income must file a tax return within a pre-determined due date. The tax as calculated must be paid by the individual. Failure to pay tax will invite penalties from the Income Tax Department.
Under the Income Tax Act all individuals below the age of 60 years are required to file income tax return if total income exceeds Rs. 2.5 lakhs. In the case of individuals over the age of 60 years, but below 80 years, income tax filing is mandatory if total income exceeds Rs.3 lakhs. Individuals over the age of 80 years are required to file income tax return if the total income exceeds Rs.5 lakhs. Income Tax Returns may be filed for different types of people like Individual, HUF, Company, Partnership Firm, Trust (Based on Profession or Business)
Forms for filing the Income Tax Return are
ITR 1 – For individuals being a resident other than not ordinarily resident having Income from Salaries, one house property, other sources (Interest etc.) and having total income upto Rs.50 lakh
ITR 2 – For Individuals and HUFs not having income from profits and gains of business or profession
ITR 3 – For individuals and HUFs having income from profits and gains of business or profession
ITR 4 – For presumptive income from Business & Profession
ITR 5 – For persons other than:- Individual/HUF/Company /Person filing Form ITR-7
ITR 6 – For Companies other than companies claiming exemption under section 11
ITR 7 – For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4E) or 139(4F)
On Different Slab rates only the income has been taxed with Exemptions, surcharge etc. Within due dates returns are to be filed according to the people & their nature of business/profession, otherwise penalties & interest will be charged.
Penalty for Not Filing Income Tax Return
Not filing your Income Tax Return would result in:
Receiving a notice from Income Tax department
Not being able to obtain refund of excess TDS Deducted.
Penalty interest of 1% per month or part thereof will be charged until the date of payment of taxes. For returns of FY 2017-18 and on wards, penalty of Rs 5,000 will be charged for returns filed after due date but before 31st December. If returns are filed after 31st December, a penalty of Rs 10,000 shall apply. However, penalty will be Rs 1,000 for those with income up to Rs 5 Lakhs.
Not being able to set off Losses. Losses incurred (other than house property loss) will not be allowed to be carried forward to subsequent years, to be set off against the future gains.