Overview
It is mandatory for Individuals, NRIs, Partnership Firms, LLPs, Companies, and Trusts to file Income Tax Returns each year.
Who must file for Income Tax Returns?
Individuals or NRIs must file their Income Tax Return if their income exceeds Rs. 2.5 lakhs per annum.
Proprietorship firms or partnership firms must file Income Tax Returns (irrespective of the amount of income or loss).
All Companies and LLPs must mandatorily file Income Tax Return irrespective of turnovers or profits.
What you need to do?
You need to just upload your documents and sit back & relax. Our experts will file your Income Tax Return and will acknowledge it within 1 – 2 business days.
Penalty for Late Filing Income Tax Return
Taxpayers who do not file their Income Tax Returns on time are subject to penalties and are charged interest on the late payment of income tax. Also, the penalty for late filing of Income Tax Returns (on time) has been raised recently.
The penalty for late filing of Income Tax returns is as follows:
| Late Filing | Penalty Imposed (Latest) |
|---|---|
|
Between 1st August and 31st December |
Rs. 5000 |
|
After 31st December |
Rs. 10,000 |
|
If Taxable is less than Rs.5 lakhs |
Rs. 1000 |
Income Tax Returns can be Done Uncer below Categories:
Income Tax Return – Salaried : 1500/-
Income Tax Returns – Business(44D) : 2500/-