All the benefits of a private limited company, such as the ability to raise capital easily and accommodate shareholders, come at the cost of increased compliance. While the majority of small businesses do not fulfil their compliance requirements in their opening years, they end up paying heavy penalties (up to Rs. 1 lakh a year) for failing to do so. In the worst scenario, such companies and their directors are even blacklisted for a short period of time.
Ideally, if your income is below the minimum slab, you do not need to file your income tax return. But if you have been filing it previously, it would be better if you file a return this year declaring low income. This is because the Income Tax Department may construe your non-filing as a delay or non-compliance because of your past record of filing ITR. They might send you a notice. In case you do not want to file ITR, be prepared to reply to the income tax notice if it comes into your mail box.
No, you have to file your ITR especially if you have paid the taxes. It is not an optional activity. An ITR gives the government a complete record of how your income is distributed – assets, total income, tax liability, tax paid and refunds. This helps them monitor people for tax fraud of any kind. If you fail to file ITR, you are liable to pay penalty or face scrutiny and prosecution.
Of course, yes. You’ll find a duly-filed ITR very useful as a proof of income when you have to apply for a bank loan, when you have to make accident claims in third party insurance, for immigration and visa, for appointment in judicial and class 1 jobs, for winning government tenders, for registration in professional panels, for seeking funding for a startup, etc.
Refunds are disbursed only after your ITR is processed. This may take up to 1 year after you file your return. It is also possible that even if you are claiming refund, the taxman may have ascertained that you are not liable for a refund for various reasons such as a calculation error on your part. If you think your calculations are right and you have to get a refund, then you can write to the I-T Department again. Sometimes, you do not get a refund because of wrong PAN or bank account number on the ITR, or the cheque not reaching you because of wrong address or you not being at home when the postman reached. If you filed your ITR online, you can check the status of your refund through your Income Tax e-filing account.
Yes, you can file your Income Tax Return after the due date. Due to unavoidable circumstances sometimes people are unable to file their ITR by the due date. In such cases, they have the option of filing a belated return under Section 139 (4) before the end of Assessment Year or before the Assessment is completed (whichever is earlier).
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