File your income tax return by uploading Form 16
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Benefits: Filing of return is your constitutional duty and earns for you the dignity of consciously contributing to the development of the nation. This apart, your IT returnsvalidate your credit worthiness before financial institutions and make it possible for you to access many financial benefits such as bank credits etc.
Disadvantages: There aren't any disadvantages On the contrary by not filing your return in spite of having taxable income; you will be laying yourself open to the penal and prosecution provisions under the Income Tax Law.
If you have sustained a loss in the financial year, which you propose to carryforward to the subsequent year for adjustment againstits positive income, you must make a Claim of loss by filing your return before the due date of filing of Return of Income. Failure to file Return of Income may result in loss of availability of carry forward of losses to subsequent years.
It is never too late to start honoringyour constitutional obligations for payment of tax. The department may ask you to file return of income for earlier yearsif it finds that you had taxable incomein those yearsand there is tax payableby you.
The excess tax can be claimed as refund by filing your income tax return. It will be refunded by issue of cheque or by crediting to your bank account. The Income Tax Department has been making efforts to settle refund claims within four months from the month of filing return
Thedue dates and the percentage of instalments of Advance Tax for assessee other than Companies are as below
|Due Date of instalments||Amount payable|
|1st on or before 15th June.||Amount not less than 15% of such advance tax.|
|2nd on or before 15th September||Amount not less than 45% of such advance tax.|
|3rd on or before 15th December.||Amount not less than 75% of such advance tax.|
|4th on or before 15th March.||Entire balance amount of such advance tax.|
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