financial services

Issues associated with Income Tax Return.

The due date to File Income Tax Return for the financial year 2017-18 is 31st July 2018, here are a couple of things that bothers taxpayers.

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The first and foremost things that comes to a taxpayer’s mind is, why he/she file Income Tax Return?

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Every citizens of this country, who has income must pay Income Tax and file Income Tax Return. It acts as a proof of your Income, which in turn helps you to get loan. If someone wants to apply for visa, then in that case you will have to show the your last 3-4 ITRs. Filing Income Tax Return is important, as it is a major proof of your Income.

Another thing that bothers many taxpayers is, when will I receive my Refund?

Refunds are distributed only after your ITR is processed. Your tax refund may take 15-60 days from the day your Income Tax Return was filed. It is also possible that even if you are claiming refund, you may not be eligible for the same. In case your tax liability is less, and you have not made any investments that can be considered under section 80C, then you will not get any kind of tax refund.

Filing Income Tax Return

Last but not the least, how a taxpayer can file Income Tax Return without Form 16?

Your Form 16 is an important document that is issued to you by your employer. Form 16 contains the Salary details, TDS Details and the details related to tax deduction and Exemptions. In case you don’t have your Form 16, then in that case you can file your Income Tax Return, using Form 26AS.

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