Things you can’t afford to miss while filing income tax return!

Loss return:

It is not important to file the income tax return in case if loss is incurred by a person in previous year, other than a firm or company.

It is required to file the income tax return in case if the loss rises under profession’s or business’s head capital’s profits or gains and if to the next financial year, this loss is to be passed onward and set-off in contradiction of the revenue in future.

Belated returns

Income tax return can be file even after the due date, it any person fails to submit on time due to some circumstances. This type of return is known as Belated Return. It is to be noted that the belated return can be filed either before the completion of assessment or before the expiry of one year from the end of the assessment year. If in any case, the belated return is filed after the due date then tax payer will be liable to pay tax with interest at the rate of 1% per month. Also, Belated Return cannot be revised.

tax netmarkers

Revised returns

If the taxpayer realizes after filing his return, that there was any omission or mistake in the return filed then in such case return can be revised. It is to be noted that revised return can be filed either before the completion of assessment or the before the expiry of one year from the end of relevant assessment year.

1,225 views

Share Your Thoughts

comments

Please Share your Feedback!

comments

Terms and Conditions | Privacy Policy | Submit your stories
Designed And Developed By Thoughtful Minds