Income tax return can be regarded as the type of facilities which you have owned from the government and based on the features you have enjoyed, you are going to file the return. Yes, it is an annual feature where the citizens have to show their duty towards filing the correct income tax return based on what they are actually entitled to.
In such an age of e-filing, everything has become so easy, simple and quick that you can best address your important and main query of how to file income tax return of previous years. Usually, in such a fast paced life, we often end up forgetting too many things and not remembering the fact of paying income tax, however, can’t be sidelined or overlooked as any meaningless activity. So, before you feel that you have actually done something bad, well I would request you that you shouldn’t consider yourself as anything like that, since mistakes do happen and what’s important is to overlook it, and move forward. Well, the reason why I am actually writing the post is just to help you understand that you are actually not alone, there are so many people out there who have not been able to address the basic query of how to file income tax return of previous years.
So, following is the procedure which is associated with how to file income tax return of previous years:-
- There is no specific format or form which the laws have prescribed
- You can state the facts on a plain and simple paper where you can give the detailed version of the case for the concerned authorities to get a better view of your case
- Although there is no specific guidelines or rules which law has actually prescribed, but being a chartered account myself, it is better if your income tax return with the “condonation of delay” application. Since, the benefit of the same is that, in the event when your application gets accepted, you process of getting the refund will start at the very same moment.
- I hope, by now you would have got the detailed procedure of how to file income tax return of previous years in the simplest and easiest form.
- After all, why would anybody wants to undergo sleepless nights amidst tensions and worries
- What will happen if you know that you have to so many additional penalties and there is no chance for you to save yourself from this menace?
- How will you react if suppose government gets too strict with you, where it doesn’t listen to you at all, since they equally have their own justification to make, where they have actually relaxed rules, but you weren’t serious enough in filing income tax at the right time?
- After all, the thing that matters in today’s world is being smart and intelligent and the moment you address the basic query of how to file income tax return of previous years, then you simply get the answer in style.
- When others are experiencing so much of ease and happiness, by being a caring and sensible citizen of their country, so you should also be a part of those group of intelligent people who feel at the top of the world, just because they have actually been so “cool” towards creating a positive vibe for themselves just when the situation so much demanded of them.
- And they have done the best thing which the nation actually expected from them and that is to file income tax. Yes, it feels great to actually reciprocate the gestures for your own country which has given you so much. So, live the life to the fullest, since you deserve the same as well.
- Most of us are often in a dilemma with regards to so many chaos and confusion about filing income tax return. But you don’t have to worry. As the following post will be an eye opener to address the basic query as to how to file income tax return of previous years.
Tips to adhere
- In a financial year, you can actually file income tax return for 2 years. Yes, so, if you haven’t been able to file for the previous years, then there is a golden opportunity waiting for you in style. Where you don’t have to wait any further for being a duty bound, sincere, and serious citizen of the country.
- Be wary of “few” people who may claim to help you out, but overall they have this evil thing going in their mind, where the only thought process which is going in their mind is how to dupe and cheat you. Well, hence, there is absolutely nothing difficult which you have to face with regards to the basic query of how to file income tax return of previous years, yes, it is easy provided that you have the knowledge to make you feel confident and motivated where you can actually say with authority that “yes, I can file so easily, unlike the exceptions”.
Since more you delay, you may have to suffer lots of setbacks and face inconvenience and problems.
- You have to save penal interest under different sections such as 234A, 234B, and 234C
- There is no such thing that delayed returns can be revised
- Well, if there is still confusion which is hovering on your mind, then the best you can possibly do is to get in touch with the Chartered Accountant whose advice and procedures can help you ease your tensions and worries, like never before.
Areas which make you liable to do income tax return
- Your gross income should be Rs. 2, 50,000 under section 80c, before any deductions. Yes, this income will be considered with regards to the financial year from 1st April to 31st March
- There is a relaxation for senior citizens between 60 and 8o years as the amount goes to 3, 00,000.
- You are running a company or a firm
- If you are looking to claim income tax refund which is the obvious case
- Income tax return becomes necessary for those who in spite of not being NRIs are having assets in other countries.
- If you are having a foreign account
- You are receiving income from a charitable trust or through a political part, educational or medical institution, news agency, trade union etc
- While you applying for loan, it has become very important for you to submit the proof of filing your income tax return
Now, the ball rests on your court, whether you want to be happy or concerned, whether you want to lead a life of dignity or just feel depressed and tensed or whether you want to live with a head held high or simply living under threat of being caught. So, decide for yourself, before it gets too late. Yes, paying tax on time is the best bet and you know the sudden pleasant change which you actually get while doing so. So, accomplish your duty towards your country and live amidst air of freedom like never before. After all, you equally have right to enjoy to the fullest too.
Raj Kumar is a qualified business/finance writer expert in investment, debt, credit cards, Passive income, financial updates. He advises in his blog finance clap.