The deadline for filing tax returns (August 5) is long past by the time you read this piece. Yet, CA Saurabh Gupta demystifies some myths and suppositions that all of us have when it comes to doing this annual chore. For instance, many (especially salaried taxpayers) harbour a belief that having tax deducted at source puts an end to their tax liabilities. However, it is not so. Without further ado, let us debunk ourselves of the myths surrounding that Income Tax Return (ITR)...
Why file the return when employer already deducts tax at source?
Section 139(1) of the Income Tax Act, 1961 requires every person has to furnish a return of his income on or before the due date, if his total income exceeds the basic exemption limit of Rs 2.5 lakh. A return is not merely a record of the tax deducted/ paid. An ITR is a declaration of one’s total income including salary income earned by you during the financial year and the taxes paid or deducted thereon.
Why do employers deduct TDS?
All employers are bound by law to compute your taxable salary and deduct the applicable taxes. He is just discharging to deposit the tax on your behalf in form of TDS (Tax deducted at source). The reason tax is deducted at source is also because the entire burden of the tax liability does not fall on the employee at the end of the year.
What if you miss the due dates for filing return?
With the government aiming at boosting tax collections and making processes more efficient. It is better to adhere to the deadlines. However, even if you miss the deadline of July 31 (or the extension of August 5 this year) you can file a belated return by March 31 of the same assessment year. So, for AY 2017-18, one can file a belated return by March 31, 2018. However, in case of a belated return, you have to be very careful while preparing the return. Moreover, if you have a outstanding tax liability at the time of filing the return, you will also be liable to penalties and interest payments.
What are the benefits/ penalties while filing your ITR?
この記事は The Finapolis の September 2017 版に掲載されています。
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