Income tax return is imposed on an income or a profit of an individual or an organization. Till last accounting year income tax return filing deadline was 31st July. But now Central Board of Direct Taxes (CBRT) has extended the due date of income tax return under sec234F up to 31st August. As the date of filing of income tax return has extended and which will be proven beneficial for the entrepreneurs, and also save them from the heavy penalties. The facility of online tax return filing is also provided.
Percentage of income tax return depends on the yearly income of the entrepreneur; income tax return percentage is categorized according to the income or profit of enterprise.
If the taxpayer is failed to fill his income tax return after the deadline then RS10, 000 should be chargeable as a penalty. Some important amendments are made under the Financial Act 2017, in which if the taxpayer fails to fill his income tax return after the deadline but before 31st December then RS5000 will chargeable as a penalty, and if it is filled on or after 1st January 2019 then RS 10000 will be charged as a penalty.
Some important changes have occurred after this new amendment. Medical reimbursement and transport allowance become taxable; cess levied on the liabilities will be hiked by 1% to 4% as proposed in a budget. And this cess will be called Education and Health cess.