Individuals and HUFs earning above Rs.2,50,000 compulsorily have to file returns
- You will not be allowed to carry foward losses you may have incurred in your business or investments. (Normally this is allowed for upto 8 years and can be set off against Profits). This could affect your Financial situation) However, Loss from House Property is still allowed to be carried forward
- You are disallowed to claim refund of any Excess Taxes you may
Sometimes due to some error, oversight, omission, you may have paid Excess Taxes or a wrongful TDS may have occured. In normal Tax Filing, you are entitled to claim refund and get back your rightful amount but this is disallowed in case of Belated Return Filing!
- You may not get Life Insurance Cover.
- Even your Credit Card company may reduce your Credit Limit and may even cancel your Card
- Your Credit Standing will get hugely affected and you may face problems while applying for loans....personal loan...home loan...whatever
- Some countries may even deny you a VISA if you are not able to submit your IT Returns.
Those friends who are stuck while filing tax return for AY 2016-17 for foreign companies due to lack of Indian bank account details, please fill up NNNN0NNNNNN in the IFSC Code field.
Disclaimer : Its in KANNADA
Listen to File Tax before 31st March.3gpp by Srikanth Matrubai #np on #SoundCloud
Srikanth Matrubai on Radio City on
You have to FILE tax returns before 31st March
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