What will happen if you don't file your Income Tax Return by 31st March 2018?
Hi everyone,
Are you too getting some sms from Income Tax Department like "Law has changed and ITR for AY 2016-17 & AY 2017-18 cannot be filed after 31st March 2018", which means after 31st March 2018, 2 Years ITR filing will stop and only 1 year filing can be filed.
As per previous law return for FY 2016-17 was possible to file till 31st March 2019 but now that is not possible.
So it is advisable to file your Income tax Return on Time.
When it comes to VISA application, there is a requirement to furnish proof of income. Here too, if you have a gap of one or two year' returns, then Visa Application will be in a problem.
3. Claim tax refund of TDS deducted:
Suppose if anyone has deducted your tax at source, but after all the rebates, if income comes in below the threshold limit, then you are entitled for a refund. In such a case, it is impossible to claim any tax refund without filing a return. Therefore, if you miss filing returns now, you will even loose the TDS amount too.
Also even if your income is below taxable for these period or Nil Income, it is advisable still to go ahead and file the returns, as tomorrow you never know what requirement arises and you might your income proof. Nil income tax return is a document which shows that you as an Indian citizen and your income falls below the taxable income and hence did not pay taxes during the year. As per the Income Tax Act, legally there is no compulsion to file nil return but this document might be helpful in the years ahead.
Check with your friends, family, colleagues, co-workers, relatives and everyone have they filed their income tax returns. I am sure if you show them the importance of filing of returns, they will be grateful to you.
Happy Helping!
Web sources referred:
1. https://www.incometaxindiaefiling.gov.in
2. https://www.businesstoday.in/money/tax/filing-nil-return/story/232385.html
3. https://www.icicibank.com/Personal-Banking/loans/car-loan/documentation.page
4. http://www.ustraveldocs.com/in/in-niv-typeb1b2.asp
Are you too getting some sms from Income Tax Department like "Law has changed and ITR for AY 2016-17 & AY 2017-18 cannot be filed after 31st March 2018", which means after 31st March 2018, 2 Years ITR filing will stop and only 1 year filing can be filed.
As per previous law return for FY 2016-17 was possible to file till 31st March 2019 but now that is not possible.
So it is advisable to file your Income tax Return on Time.
Did you think what will happen if you do not file Income Tax Return on Time?
In case one has not filed return since FY 2015-16 then the person will loose 2 years of Income Tax filing of returns.
Income Tax Returns are required for many important work like:
1. Applying for loans:
Its quiet a common practice for bankers to ask for the last 2 to 3 years of tax returns filed while applying for car, home loans, personal loan, Bank OD etc. In such a situation, if you don't have one or two year' income tax returns , your loan application will be in a problem.
2. VISA Application:
Its quiet a common practice for bankers to ask for the last 2 to 3 years of tax returns filed while applying for car, home loans, personal loan, Bank OD etc. In such a situation, if you don't have one or two year' income tax returns , your loan application will be in a problem.
2. VISA Application:
When it comes to VISA application, there is a requirement to furnish proof of income. Here too, if you have a gap of one or two year' returns, then Visa Application will be in a problem.
3. Claim tax refund of TDS deducted:
Suppose if anyone has deducted your tax at source, but after all the rebates, if income comes in below the threshold limit, then you are entitled for a refund. In such a case, it is impossible to claim any tax refund without filing a return. Therefore, if you miss filing returns now, you will even loose the TDS amount too.
Also even if your income is below taxable for these period or Nil Income, it is advisable still to go ahead and file the returns, as tomorrow you never know what requirement arises and you might your income proof. Nil income tax return is a document which shows that you as an Indian citizen and your income falls below the taxable income and hence did not pay taxes during the year. As per the Income Tax Act, legally there is no compulsion to file nil return but this document might be helpful in the years ahead.
Check with your friends, family, colleagues, co-workers, relatives and everyone have they filed their income tax returns. I am sure if you show them the importance of filing of returns, they will be grateful to you.
Happy Helping!
Web sources referred:
1. https://www.incometaxindiaefiling.gov.in
2. https://www.businesstoday.in/money/tax/filing-nil-return/story/232385.html
3. https://www.icicibank.com/Personal-Banking/loans/car-loan/documentation.page
4. http://www.ustraveldocs.com/in/in-niv-typeb1b2.asp
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