Tax solutions

Time extended upto 31st Dec2016 for F.Y.2015-16 filing of sale tax annual return form number 52

सीमेंट पर एडिशनल टैक्स बढ़कर 4% कुल 12.5+4 = 16.5% दिनाक 05 अप्रैल 2016 से हो गया।

DEAR FRIENDS,
Last Chance to e-file your tax return FY 2013-14 and FY 2014-15 till 31st March 2016

Income Tax Department has issued notices upto nearly 58 lakh non filers. Additionally non filers has been identified with higher transactions.

Do not wait for the last date or do not avoid filing of Income Tax Return. Late filing or Non filing of Income Tax Return can lead to:-

• The Income Tax Department (ITD) is sending show cause notices to all the tax assessee for non filing of their tax returns since FY 2008-09 AY 2009-10 onwards
• Non filing of Income Tax Return whose taxable income is more than threshold limit of Rs 2,00,000 can lead to heavy penalties and interest up to 300% of the tax demand outstanding if any.
• E-filing of Income Tax Return is mandatory for all the tax assessee whose gross total income is over Rs 5,00,000 for FY 2012-13 and onwards. No paper return will be entertained.
• Income Tax Department can levy penalty of Rs 5000 for non filing of tax return other than interest on tax outstanding. Assessing Officer is empowered to levy the penalty.
• Belated Income Tax Return can be e-filed for the last two previous years i.e FY 2013-14 (AY 2014-15) and FY 2014-15 (AY 2015-16). The last day for filing of tax returns for FY 2013-14 (AY 2014-15) is 31st March 2016.
• After the due date of filing return, interest on outstanding tax due is charged at 1% per month till the tax payment is made and return is filed. The earlier the return is filed, the lesser the interest on tax due is required to be paid.
Received a Tax Demand or Non Compliance Notice? What should you do if you get a notice?

In case if any notice is issued by Department of Income Tax it is always advisable to contact a tax professional or a chartered accountant who can understand the nature of the notice and based on which decide the next course of action. Adhering to the notice and reply is a must. One should follow the same strictly.


With Best Regards Vikrant Bhargav
Advocate .zila tax baar Shamli...