Belated means late or occurring later than the usual time. When someone says a belated return, this means the income tax return has been filed after the due date of filing.Let us understand provisions of income tax for belated returns and what consequences taxpayers will face by filing a belated return.A belated return refers to an income tax return that is filed … [Read more...] about What happens when you file a belated income tax return?
ITR
Updated income tax return: eligibility, timeframe, form & importance
In India, an updated income tax return (ITR-U) is a revised version of a taxpayer's original ITR filed for a particular financial year. The concept allows taxpayers to correct any mistakes or omissions in their original return.Therefore, to file an updated income tax return in India, the taxpayer must have filed an original return for that financial year.The updated … [Read more...] about Updated income tax return: eligibility, timeframe, form & importance
How to file income tax return without form 16
Form 16 is known as salary TDS certificate. Its issued by the employer to employee for the whole financial year showing all the taxes deducted from salary and deposited with the government. Form 16 is the first and most important document that every salaried individual required to file an income tax return.It’s mandatory for the employer to issue Form 16 to employee on or … [Read more...] about How to file income tax return without form 16
How to rectify mistakes after filing income tax return
Mistakes after filing income tax return can be rectified by the assessee within the time limit allowed by our tax laws. In this article we will discuss how to rectify mistakes or omission and what is the time limit to correct mistakes or omissions after filing income tax return.Here are a few mistakes that can be rectified. Incorrect personal, email ID, mobile … [Read more...] about How to rectify mistakes after filing income tax return
Tax return filing due dates and deadline for a partnership firm
Like companies, a partnership firm must file it's income tax return with government every year irrespective of their income.Due date for filing Partnership firm's return of income is 30th July of the assessment year relevant to the previous year. This means on or before 30th July the managing partner has to file annual return of Income in ITR-5 with the government. If any … [Read more...] about Tax return filing due dates and deadline for a partnership firm