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Thursday, June 23, 2016

NOT FILING TAX RETURNS

A LOT OF TAX PAYERS, especially senior citizens have received notices for not filing their tax returns. Anybody with an income above the basic exemption is liable to file his tax return. The basic exemption is `2.5 lakh per year for people below 60, `3 lakh for senior citizens above 60 and `5 lakh for very senior citizens above 80. The rest of us, including NRIs, have to comply.

Keep in mind that this is the gross income before any deductions and tax breaks. If your annual income is `4.2 lakh and you invest `1.5 lakh under Sec 80C, your tax will come down to zero. But you are still liable to file your tax return. Similarly, even if all your taxes are paid, you still need to file the return.

For a lot of people, confusion stems from a rule introduced four years ago, where salaried individuals with an income of up to `5 lakh a year were exempted from filing returns. However, that rule has long been withdrawn. Although the regulation was applicable only to that particular financial year, many people tend to still follow it. Not filing returns is not a very serious offence if all your taxes are paid. You will only get a notice asking you to do the needful. The tax laws allow a tax payer to file delayed returns even after the due date has passed.But if you have unpaid taxes, be ready to pay interest as well as a penalty of up to `5,000.

 

Don't miss filing your return even if your tax is zero or all your taxes are paid. File online to avoid mistakes

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1. BNP Paribas Long Term Equity Fund

2. Axis Tax Saver Fund

3. Franklin India TaxShield

4. ICICI Prudential Long Term Equity Fund

5. IDFC Tax Advantage (ELSS) Fund

6. Birla Sun Life Tax Relief 96

7. DSP BlackRock Tax Saver Fund

8. Reliance Tax Saver (ELSS) Fund

9. Religare Tax Plan

10. Birla Sun Life Tax Plan

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