Missed the Income Tax

Deadline?

Past decades have observed low Income Tax filing Compliance in India, during recent years, Govt of India took stringent measures in enforcing the Income Tax Law by linking various benefits for prompt tax filers. Advantages of tax filing including but not limited to

1. Get the Loans easier
2. Avoid paying penalties, embarrassments
3. Get your refund back on the excess tax payments
4. Hurdle free for Foreign VISA Stamping with IT returns filing
5. Improve your credit worthiness for future loans
6. Be a good citizen to contribute in India's growth and get Peace of mind for you and the family.

Well, it's the law, but that wasn't enforced in full force in India until recently. Post, Nov 08th 2016, Gov. of India took serious measures in taking the tax filing compliance to new heights. Dis-advantages of not filing your tax return in time are

1. Rs. 10,000 fine for those who do not file their income tax returns (ITR) on time, starting 2018-2019 assessment year (AY).
2. Rs. 5,000 will be imposed for those whose return submitted after the due date.
3. Rs. 1,000 in penalty for small taxpayers with their total income not exceeding Rs. 5 Lakh
4. and Rs. 1,000 for late filing of their ITRs
5. In addition, belated filing may attract many other penalties / restrictions.
6. Penalties under sections 271F
7. Interest on due amount of Tax under Sections 234A
8. Revision of a belated return is not allowed.
9. Tax Refund without any interest from IT Department
10. Restriction in not allowing losses to set-off against future income.

While it depends on your sources of Income, for the most it's as simple as your Form-16. Refer below for the list to maximize the deductions and accuracy!

1. A copy of the previous year’s tax return > to declare any losses and other information.
2. Your Bank statements > to refer the interest paid to your loans, balances etc.
3. Your TDS certificates > to include taxes that are already paid to the IT Department.
4. Your Savings Certificates / Deductions / Donations > to include deductions.
5. Certificates of Disability in your family > to include deductions
6. An Interest statement that shows the interest paid to you. > Possibly from Bank and/or Post Office.
7. In case of having Business income/loss, have Balance sheets, Profit & Loss account statements, and other requisite Audit Reports.

Employers give the salary and other tax data to tax filers to file in bulk. Due to the way they do the business, many times, they do not engage with you in understanding your tax profile correctly, there by losing the benefit of deductions, and exemptions.

In addition, mismatches between Form 26AS and your tax deductions (both salary based and other sources of income) causes you to get IT notices. IT notice resolution may cost you dearly and you may end up in paying excess tax for not considering the all the deductions.

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