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Filing Income Tax Return In India

By Author: Manishanil Gupta
Total Articles: 14
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Do you need to file an ITR? itr filing in Janakpuri can be easy if you know about forms and their uses. To know more read the article and take help of a tax consultant

Income tax return filing is mandatory for every citizen of India. The government has many forms available to make the process as simple as possible. The process can now be completed online, which has made it more convenient to file returns.

But ITR filing is not as easy as it seems. Various forms may confuse people.

Hence, it is recommended to consult experts of ITR filing in Janakpuri.

Here are some important pointers to keep in mind while filing the ITR. These pointers are also a reason why you need an expert for ITR filing in Janakpuri:

1. Individuals working in corporate sector need to fill up the Form 2D. Self-employed individuals need to go for Form 2. Someone who does not have a PAN number are required to go for Form 60.

2. You need to file Form 2B if block periods take place as a result of confiscation cases. For those who don't possess any PAN/GIR number, they need to file the Form 60.

3. Filing form 60 is essential in the following instances:

a. You are purchasing shares of more than 10 lakh.

b. If you are making a down payment in cash for buying a new vehicle.

c. If you are opening a new bank account.

d. You have made a bill payment of more than INR 25000 at hotels and restaurants.

4. As per Hindu Undivided Family Act, one also needs to fill up Form2E. It is also important to note that you should not be operating any business. You should also not be getting any agricultural incomes.

Income Tax Return verification in India

One of the prime feature of filing an ITR is that it has to be verified. The person verifying must fulfil the requirements of Section 140. There are separate authorities for different returns.

For example, ITR of small, medium and large businesses must be signed by MD of the company. In absence of MD, all directors of the company are authorised to sign.

For an NRI company, the verification can only be done by someone who has the power of attorney to do so. To know more about the same, you can consult professionals in NRI Return filing in India.

For tax returns by a political party, the secretary of the party must verify the returns.

What happens if you do not file ITR?

Since filing returns in mandate, a failure to do so can lead to penalties. There is a 1% interest for every month of delay. Returns filed at year end next year, the person is liable to pay a fine of INR 5000 along with 1% per month interest.

Now that you know the consequences, do not delay and get ITR Return filing in Janakpuri by experts.

Call to action:

www.manishanilgupta.com are reputed tax consultants in Delhi. The team of experts specializes in ITR, GST, tax audits and many more segments of taxes.

Source: https://www.prlog.org/12784797-filing-income-tax-return-in-india.html

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