This time limit may be extended by the assessing officer (AO) on an application by the assessee. And the return must be filed within 15 days from the date of receipt of the intimation, as per Section 139(9). Now, the taxpayer gets some time to amend the mistake. In case an incorrect form has been used to file the returns, then it will be treated as “defective” and the assessee will be asked to file a revised ITR using the correct form. Given below are the provisions relating to various penalties leviable. Some of them are mandatory and a few are at the consideration of the tax authorities. Its purpose is to report our income and taxes paid thereon to the government.ĭifferent penalties have been directed for various defaults committed by the taxpayer, under the Income Tax Act. Which Form is to be filled, depends on the income that the taxpayer earns. They must, first, determine the type of Income Tax Return (ITR) Form they need to fill before actually filing their Returns. It is arranged in such a way that calculating tax liability, scheduling tax payments, or requesting refunds for the overpayment of taxes has been made convenient for the taxpayers. A Form to be filed as a statement of income earned. It is simply a form to be filed with the Income Tax Department. The tax paid on these incomes is called the income tax.
Income tax rates are decided at the start of the financial year in the Union Budget (in the Parliament of India). The income could be from salary, rent, and interest income from savings, income from mutual funds, sale of property or business or professional income. Most indirect taxes have now come under Goods and Services Tax (GST).Īnyone earning an income above a certain amount is subject to income tax. So if you are purchasing a mobile phone or a new suit. Indirect Tax is a tax that is indirectly charged. We have two types of taxes in India – Direct Tax and Indirect tax.ĭirect Tax is a tax that is calculated directly on your Income e.g. Understanding Income Tax Returns in India
0 kommentar(er)
