Income tax return

POSTED BY KK Babu ON December 24, 2011 6:20 pm COMMENTS (3)

Dear forum members

A few direction questions on IT returns. (Pl. dont fault me if my questions looks very silly. I am asking the same as I dont have the answer) (many of my colegues have no answers on these).

1. What hapens if we dont submit our Income Tax Return for one year (even after employer deducted the TDS from salary; I have only salary income and no other income).

2. As we already paid the tax through TDS, why again to submit the IT return. I heard it is mandatory to submit the IT returns. But, I dont understand why to submit as tax is already paid as TDS.

3. I am regularly submitting IT returns for the past 4 years and missed submitting the same this year. Will there be any problem in submitting the IT returns in future (may be from next year onwards).

4. What happens, if i go out of country for 1 or 2 years. Can I submit the returns after my return back to India. These 2 years will be exempted?

Pl. try to answer my questions
Thanks and Regards, KK Babu

3 replies on this article “Income tax return”

  1. Dear KKBabu, Please file your ITR. In case you face any issue, please update here in this forum & we ‘ll try to solve it for you.

    Thanks

    Ashal

  2. Dear KKBabu, First of all let me assure, your questions are not silly. In fact these are very serious one in nature. I’m trying to answer you.

    1. Under Income Tax Act, it’s mandatory for your employer to deduct the due tax against your salary income & deposit the same in the account of Gov.t of India with out fail. On your part as a tax payer, there may be a situation that the deducted Tax was more than your actual Tax liability. In this case, you ‘ll file your ITR & ‘ll claim refund. There is more to it – as per Income Tax Act, 1961, If your total income from all sources is more than the zero tax slab, filiong ITR is legally binding & failing to do so may invite penalty.

    2. Apart from the legal requirement, if you are planning to take any loan say Car or home in near future, the bank or financial institution in question ‘ll first ask for your ITR to judge your income level as well as the growth in the income for past 2-3 years. With out ITRs, it’s very hard to avail big ticket loans (Primarily home loans) from banks.

    3. You can still file your ITR, no matter it’s delayed. As the due tax has been already deducted from your income no extra penalty or penal interest ‘ll be applied to you. It’s advisable to file your ITR right now.

    4. For the given situation if the person do have some reported indian income (say rental income, interest, capital gains………) & which totals up to more than zero tax slab, filing ITR is again legally binding. In case there was not any reportable indian income, you may skip to file your ITR till the time, you are back in India & start earning taxable income in India.

    Thanks

    Ashal

    1. kishore.vimta@gmail.com says:

      Thanks for your detailed reply. However, I will try to submit the ITR.
      Thanks, KK Babu

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