Skip to main content

Reminder to file tax returns


The Income-Tax Department often sends out reminders to those who haven’t filed their income tax returns. These reminders can be sent out for 6 previous years by the department. There is a penalty of up to Rs 5,000 that the department can levy in case of delay in filing returns. If you receive such a reminder, file your returns immediately. It may be possible that you may not be required to file returns by law, which you should intimate the tax department.

Comments

Post a Comment

Popular posts from this blog

Difference between Form 16 & Form 16A Some of our customers have written to us enquiring about the difference between Form 16 and Form 16A. In this article, we will tell you about both these forms and their importance while filing your income tax returns. Form 16 Form 16 is your  Salary  TDS Certificate.   If your income from salary for the financial year is more than the minimum exemption limit of Rs 2,50,000 your employer is required by the Income Tax Act to deduct TDS on your salary and deposit it with the government. If you have also disclosed your income from other heads to your employer, he will consider your total income for TDS deduction. If your income is below the minimum exemption limit your employer will not deduct any TDS and may not issue you this form. If you have worked with more than one employer during the year, you will have more than one Form 16. This Form 16 is a certificate, where the employer is certifying details regarding t...
Post a Comment
Read more
Tax benefits on Health Insurance by   My Tax India  on   March 8, 2015   in   Save Tax ,  Section 80 Deductions ,  Union Budget 2015-16 Here are the details of tax benefits in Budget 2015 when you purchase health insurance. These are applicable for financial year 2015-16. Deduction under section  80D  for self, spouse, dependent children – Rs 25,000 (preventive health check up of Rs 5,000 included) Deduction under section  80D  for parents (who are senior citizens) – Rs 30,000 ((preventive health check up of Rs 5,000 included). This deduction is allowed for both dependent and non-dependent parents. In case your parents are super senior citizens (more than 80 years old) and are uninsured you can claim a maximum of Rs 30,000 as deduction in your income towards their medical expenses. Therefore you stand to claim a total deduction of Rs 55,000 when you buy health insurance for yourself and your parents and save significant...
Post a Comment
Read more
Indian Tax Souce Wishes You a happy " Sankranthi "
Post a Comment
Read more