The due dates for filing Income Tax Returns for FY19-20 has been extended several times in wake of Covid 19 pandemic.
While the extended due dates help the tax payers defer the actual cash out flow, one should avoid delayed filing of ITR for following reasons.
Processing of Refunds
If you are expecting to receive refund of Income Tax from the department, you should not wait but file the returns immediately.
This is because, refunds are processed only after the returns are filed. Early filing of returns shall help in early processing of refunds in your account.
Interest under section 234A
Even though the due dates for filing Tax Returns has been extended, interest under section 234A, in case of Individuals who are not required to get the books audited and having total tax liability of more than Rs 1 lakh, shall be calculated from 31st July 2020 (Orginal due date) to actual date of filing ITR.
So, in case you are an individual not required for Tax Audit, and having total tax liability of more than Rs 1 lakh, delayed filing of ITR can increase the burden of interest under section 234A.
About Us
PSBS & Co. is a Chartered Accountants firm based in Mumbai. The firm is engaged in providing business consultancy services and has been carrying out various professional assignments in several specialized fields like- Assurance, Internal Audits, Risk Advisory, Direct and Indirect Taxation, Regulatory Compliances, Accounting and Management Consultancy.
We also offer collaboration for seamless transition of business through technology and transaction services.
PSBS & Co. takes pride in giving prompt, efficient and quality-based services to all our clients. Contact Us Disclaimer
The information contained in this website is for general information purposes only. The information is provided by P S B S& Co. and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.Through this website, you are able to link to other websites which are not under the control of P S B S & Co. We have no control over the nature, content and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.Every effort is made to keep the website up and running smoothly. However, P S B S & Co. takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
wow wonderful post. I am very much interested in this kind of blogs. This is truly helpful. Thank you so much for this interesting blog.
ReplyDeleteWine accounting tax returns
Hey what a brilliant post I have come across and believe me I have been searching out for this similar kind of post for past a week and hardly came across this. Thank you very much and will look for more postings from you Best IRD Audit service provider.
ReplyDeleteMerit Casino Review - Verified by Casino Guru
ReplyDeleteMerit Casino - a 12bet top performing online casino site offering casino games for real money. Check the safety, security and reputation of the 1xbet korean Merit 메리트카지노 Casino
This post is really awesome. Genuinely i like this blog. It gives me more useful information. I hope you share lots of things with us .Book Keeping Services Ontario
ReplyDeleteExtremely useful information which you have shared here about Accounting Tax Services Calgary. This is a great way to enhance knowledge for us, and also beneficial for us. Thank you for sharing an article like this.
ReplyDeleteSloty Casino - Mapyro
ReplyDeleteSloty Casino is a casino located on a river 전주 출장샵 in Thackerville, Indiana. 문경 출장안마 The casino has a total of 2,097 slot 공주 출장마사지 machines. It also 당진 출장안마 has a large 강원도 출장샵 gaming
You have provided valuable data for us. It is great and informative for everyone.Read more info about Santa Barbara Best Tax Law Firm Keep posting always. I am very thankful to you.
ReplyDeleteThe context of this content is really good. Thank you for sharing this type of awareness with us. In this article, you shared much informative knowledge on multiplication activities. Take look at this toocorporation tax accountants london . Thanks!
ReplyDeleteClearly, It is an engaging blog for us that you have provided here about SMSF Auditors Australia This is a great resource to enhance our knowledge about it. Thank you.
ReplyDeleteThis article contains a lot of valuable info. I am amazed by the quality of the info and also it is a beneficial article for us, Thanks for share it.Online Bookkeeper Sydney Australia
ReplyDeleteHow to Correct Mistakes If ITR is Filed:Consider that you are still unsure of how to file an ITR and what information is crucial to include. In that scenario, you should make certain that they can also include PAN information, the complete amount of tax owed, total gross income, all information pertaining to KYC verification, and instructions on how to recalculate the final income. But if you want the greatest outcomes, you can always seek out qualified assistance from licenced and knowledgeable businesses
ReplyDeleteTo maximise their clients' returns and ensure that they pay the correct amount, tax preparation companies prepare tax forms on their behalf. They also function as a point of contact for clients and the IRS and conduct interviews with consumers to gather information about their income and expenses. Thus, whenever I need tax preparation in Houston, I only hire professionals.
ReplyDeleteThanks for informative blog.
ReplyDeleteChennaiAccounts offers a range of GST return filing services tailored to the specific needs of different businesses. Whether it's monthly, quarterly, or annual GST return filings, they have the expertise to handle it efficiently. They are the best Gst Return Filing In Chennai and assist in preparing the requisite invoices, maintaining accurate records of input and output tax, reconciling data, and generating the necessary reports for GST return filing.
hi
ReplyDelete