Filing your returns – due date, penalty for not filing

Income tax return filing is mandatory for all tax payers even if you are a salaried employee, where tax is deducted at source. This is because as there could be instances where you have earned an income other than your salary income, for example, even in the form of interest earned in FDs that are taxable!

What is the penalty for not filing returns

• Failing to file returns you will be levied a penalty in the form of a penal interest of 1% on the existing tax liability.
• If you delay beyond March 31st 2010, irrespective of whether you have nil tax to pay or pending taxes, you will be charged a penalty of Rs.5000 along with any penalty payable if any for pending taxes.

Till when I am allowed to file returns or Pay tax

• Legally you are allowed to file your returns before the next assessment year which starts on March 31st 2010, remember to pay up any tax due before July 31st.
• If you delay beyond March 31st 2010, irrespective of whether you have nil tax to pay or pending taxes, you will be charged a penalty of Rs.5000 along with any penalty payable if any for pending taxes.

Disadvantage of filing tax return beyond due date July 31st

• The individual doing so will not be eligible to file a revised return if he discovers any omission or wrong statement.
• Time limit for filing revised return is one year from the end of the assessment year or before completion of assessment.

Remember that having tax deducted at source if you are employed is only half of the process and you need to file your returns to complete the process. This will avoid any hassles with the income tax officials. Prepare to file your returns as early as possible instead of waiting for the due date to arrive. You can use the online filing service from TaxSmile for filing your returns in a short time.

Filing Income tax online with TaxSmile

Filing of income tax returns involved interpreting “simple” forms. However these simple forms were simple only for tax consultants and not for the average taxpayer. Income Tax eFiling has changed the things a bit, but not enough. That is when Taxsmile came onto the picture where it enables people to file Income Tax return online. Taxsmile gives you a unique experience of preparing and filing your Income Tax Return in a simple, smart and secure way.

With Taxsmile, you can

• Prepare your return online
• File your return online
• Do the Tax Planning
• Buy digital signatures (if required)

Taxsmile helps in Return Preparation with an intelligent wizard hand-holding you with simple questions about your income profile. Once the retunr is prepared you are set for e-Filing. You just prepare your return & Taxsmile will e-file for YOU! Cool! Click on the link below for filing your return with Taxsmile:

If the above image link does not works click the link below for Taxmile website

Taxsmile Online income Tax filing

For eFiling you will need Digital Signature and Taxsmile will help you get eMudhra, Class-II Digital signature with 1-year validity. If you do not want to use digital signature? Taxsmile will file ITR-V for you.

Taxsmile is an initiative of 3i Infotech – a company supported by ICICI bank. You can trust Taxsmile for your returns this year and start a journey of convinience.

Related posts

• FBT challan Download challan 283 (0)
• Kerala VAT – VAT Department Of Kerala – www.keralataxes.in (0)
• New Direct tax code by Finance Ministry to simplify and rationalise the tax (0)
• Step by Step Income tax return and filing online (0)
• Online tax filing, online tax return from Taxsmile (4)
• Top Ten Bollywood Tax Payers for the year 2008-09 – Top Tax Payers in Bollywood India (0)
• Website of Income Tax Department, IncomeTaxIndia, IncomeTax – www.incometaxindia.gov.in, incometaxindia.gov.in (1)
• PAN Card – Getting PAN Card, Applying for PAN Card, PAN Card application online (0)