For most of the people, income tax is the thing of daily routine but there are certain points that must be taken care of while filing income tax so as to avoid the possible mistakes. Income tax are the taxes that are levied on a person’s income are based upon self-assessment concept in which the person is required to assess the taxes based on his total income and then pay it with the concerned department i.e. the income tax department.
All the fields filled online are assessed by the department of Income Tax and them intimation is issued after the successful valuation of tax returns. There is no human interference in the generation of such intimation as it is an auto generated paper. It is therefore important to avoid any type of mistake while filing the income tax returns and one should carefully abide by the laws of income tax. We are here with some of the important points that must not be missed while filing income tax returns:
Compulsory filings of income tax return:
- Irrespective of carrying out business or not or earning any profit, return of its income must be furnished on or before the due date by the company that is enumerated under the Companies Act or a conglomerate firm.
- It is compulsory to file the income tax return if during the previous year, the total income, other than a firm or a company, surpasses the extreme amount that is not imputable to the income tax.
- Income tax returns could be filed voluntarily as well by those who are required to mandatorily file the returns of income tax.
Due dates for filing income tax returns:
There are prescribed dates for filing the income tax returns that are divided among categories such as:
- A company
- A firm’s working partner whose accounts are to be assessed.
- Other than a company, a person whose accounts needs to be assessed.
It is important to fill the return on or before the due date based on the particular category.