Know Who All Are Liable For Filing Tax Return This F.Y.2014-2015

 Also even the private or a public company or a firm have to file their Income Tax return and it is made mandatory, also the tax filing has to be done irrespective of whether you have made profit or loss during the year, Resident Indian who have any asset or a financial interest in any organization outside India irrespective of whether there is any taxable income that they have earned or not, any income received from any property which is held by a trust, institution or any other body or association, and NRI’s who have earned taxable income accrued in India.

Nowadays it has become mandatory that when anyone goes to apply for a loan from a bank or financial Institution they ask for copies of IT Returns in order to check their credit worthiness. Also in order to obtain visas of certain countries, submission of Income Tax return for last three years is must. Thus, these are some of the reasons why one has to file income tax returns. Some of these are compulsory while some are for your own benefit. Whatever the reasons be, filing of returns is important and that too on time, as you never know when it will be required.

It is totally fine if you fail to file your return by the due date as approved by law, you can still file your return of income by March 31, 2015 for the previous financial year but one thing is that you will not be able to revise your return of income in case you notice any mistakes or errors in the return of income filed beyond the due date. Penalties are also included in case if any amount is still payable as tax on your total income. Therefore, what are you waiting for, go