It takes few minutes to file your return as soon as we get the complete details.
Income tax return is a statement of your earnings from various sources of income, tax liability thereon, details of tax paid and any refunds that have to be given by the government. And hence the deadline kept to furnish these details is after four months from end of the financial year so that taxpayers have sufficient time to aggregate the data for the whole year and report accurately and in time to the government.
Whether your plans are in the immediate future or not, if you are planning on traveling abroad, you will realize that visa processing requires that you submit your tax returns for the past few years, to the relevant country’s embassy/consulate, including the UK, Europe, Canada and USA.
Regardless of the type of loan, most banks will ask you to furnish your tax returns for the past few years to understand your financial situation. Having your tax returns on hand can speed up your loan processing time.
As per income tax laws you can carry forward losses (capital loss, business loss, etc.) to offset any future income, for up to eight years consecutively. So, even if you have fall into the taxable income bracket you can carry forward and adjust your losses against your future taxable income by filing your tax return in time.
When employed, your employer will deduct TDS on your income. However, if you have made investments that are tax deductibles, it reduces your taxable income. So, the TDS deducted can be refunded, but only If you file your taxes. The same holds true for TDS deducted by any other sources.
While, you may not immediately receive a notice from the tax department for failing to file taxes, you may eventually receive one. If it turns out you failed to file your returns though you were required to file it, then you might be penalized up to Rs 5,000-10,000 and might face interest payment under section 234A.
For person having income from salary.
For person having income from business or profession
(Non audit cases.)
For person having income from business or profession (Non audit cases), Income from house property and Capital gains.