As per the Income tax Act it is an absolute mandate for all the citizens of India to furnish the total income of the person for the year. This is done by the filing of the Returns in the prescribed forms from. Under mentioned are the return filing forms that may be used by the individuals as per their requirement.
1. Form – 2C
2. Form – 2D (Saral)
3. Form – 2E (Naya Saral)
4. Form – 16AA
To help you understand when it becomes mandatory for you to file your returns, please go through the under mentioned. If you happen to enjoy all or any of the under mentioned it is mandatory for you to file your return.
1. Occupation of a house
2. If you own a car.
3. If you have spend on foreign travel.
4. If you happen to hold a credit card.
5. If your electricity bills are above Rs.50, 000 for the year.
6. If you happen to hold a club member ship where the entrance fee is Rs. 25,000 or more.
In case you have not been able to file your returns on time as per the schedules published by the Income Tax department. You need not worry. The Income tax department has provisions for Late Return Filing. You may do the same at any point of time before the expiry of one year from the end of the assessment year in question, or before the completion of the assessment year, which ever is earlier.
In case the filing has been not done even then, in that case there is a provision of penalty for the non filing of the returns. This penalty is computed on the basis of percentage of the shortfall of the tax. However currently there is no penalty that is charged for the TDS cases and in the cases where advance tax has been paid up. But there is a proposal for the TDS cases that a penalty of Rs. 1000/- to be charged. As a lot of people do not deem it necessary to file the return after the TDS has been deducted by the employer.