- Income Tax Return is the form in which assessee files information about his Income and tax
thereon to Income Tax Department.When you file a belated return, you are not allowed to carry
forward certain losses.
- The Income Tax Act, 1961, and the Income Tax Rules, 1962, obligates citizens to file returns
with the Income Tax Department at the end of every financial year. These returns should be filed
before the specified due date.Every Income Tax Return Form is applicable to a certain section of the Assessees.
- Only those Forms which are filed by the eligible Assessees are processed by the Income Tax Department of India.
It is therefore imperative to know which particular form is appropriate in each case.
- Income Tax Return Forms vary depending on the criteria of the source of income of the Assessee and the category of the Assessee.
- For properly updating the invoices, Indian taxpayers and businesses have to file certain returns with the Government.
These returns have to be mandatorily filed as any non-compliance towards the same may lead to disallowance of input tax
credit, apart from attracting penalties and interests, etc.
- Proper filing of information and passing the same in the returns is a mandatory process for smooth flow of credit to the last recipient.
- The returns have been designed so that all transactions are in sync with each other and that no transaction is left unattended
between the buyer and the seller. The tale starts from GSTR-1.All the data is stored in GSTN, which can be accessed by the users/taxpayers anytime online.
- Maharashtra professional tax return must be filed by those having professional tax registration.
- Those entities having professional tax liability of more than Rs. 50,000 are required to file monthly
professional tax return before the last date of each month.
- Those entities having a tax liability of less than Rs. 50,000 in the previous year are
required to file tax return annually – on or before the 31st of March.
- Revised professional tax return can be filed in Maharashtra if any omission or incorrect statement has been furnished.