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Return of income

Others 432 views 1 replies

Naimesh

52 Points Posted on 23 July 2012

In village area there are so many people not filling return of income. They have also taxable income about 3 to 4 lakhs from various source. Reason for not filling of return of income is they have not knowledge of it. Such type of people are not maintaining any accounts. > is there any problem for them in futer if not files return of income ? > will income tax department take any action against them ? >what should they to do for filling return of income?

Replies (1)

sadashiv Rupchand Gaikwad

Proprietor

523 Points Posted on 09 August 2012

Though Income Tax Department could not approach to the the villagers, but it is always better to file Income tax return at regular basis.In fact there are certain rules to find out balck money via scrutiny.In the Big net small fishes can be escaped. I saw may cases who take huge risk of non submission of Income tax return.Now tax slabes are decrease, Consultants fees are affordable.For certain assessment in Court, Insurance. Compensation, Dealth Claim,Loan wothyness,Foreign tour, Children's Non criminal certficates,Election Enrollement the concern authority can ask Previous Income tax Return Copy, Reliable Balance Sheet etc.