Submit the Creditors’ Details with PAN to Avoid Penalties
The reason why conventional methods of filing a tax include consulting an auditor to calculate your income, the tax that comes with it and the tax that is to be paid to the government is so that the process is not faulty. Income Tax Return is a term that stands for the procedure which allows you to obtain a refund for the extra paid taxes in the taxing year. This way you can get a hold of the money that you have given out irrespective of what type of tax payer you are. This is suitable for individuals and firms alike.
KLR Industries Ltd vs. DCIT (ITAT Hyderabad)
The seriousness of income tax payment can be understood from several cases. One such case from Hyderabad involved accounting of about 9.4 crores in a firm where only 2.3 crores was proved to be obtained in rightful means. The remaining 7 crores were about to be taxed on the business partners themselves, according to the inspection done by the Assessment Officer after which according to the Income Tax act, the case was filed under u/s 271 D.
Towards the end, it was proved in the court that the money deposited in the firm’s bank account was done through verified creditors. Moreover, it was also proved that the transactions were genuine as they were all in the bank. Later the creditworthiness of the creditors was also considered and the tax penalties were withdrawn.
After completing your Income tax return registration you are all set to pay your taxes digitally, for a long time. This means you can pay your taxes anywhere, without worrying about going personally to file the tax. This is very advantageous when it comes to rural areas, provided the presence of internet, where one has to travel a long distance to pay taxes. In urban areas too, individuals that do not have much time to pay their taxes can go with online filing ITR.
Online ITR file allows you to have a simple taxpaying experience. Besides, you can also keep track of your tax data easily if it is in the digital form. ITR return Online filing should start with calculating the amount, which also can be done online. Online tax calculators are more accurate and there are less chances of an error occurring. Not only does digital taxpaying help you with ITR procedure, it can serve as an effective tool for paying other taxes too. One can register with the service tax registration form or get to know about vat tax from these websites.