background preloader

Here's What Will Happen If you Miss Today's Income Tax Return Filing Deadline

The finance ministry has said it won't extend the July 31 deadline for filing income tax returns this year. The panic is evident, considering the fact that the tax department's filing system has been running erratically since Saturday. The big question right now is what happens if you still miss filing your tax returns before July 31 midnight. Here's what you should know. Also read: How Salaried Individuals Should File Their Taxes. Can I file my income tax return after the deadline? Yes, you can. Filing a belated return The process of filing a belated return is the same as me as if you file the return on or before the due date. Is there is a penalty? No, the penalty for filing income tax return after due date is only applicable from FY 2017-18. What if I have filed my returns but there is an error? After an income tax return is filed, it is processed by the CPC, Income Tax Department. How much time do I get to verify my return? Source: ET

https://www.lawyered.in/legal-disrupt/articles/miss-tax-deadline/

Related:  lawyeredlegalserviceLEGAL SERVICESCorporate Lawyers

Tips to Proofread Legal Documents Tips to proofread legal documents Proofreading legal documents There is no foolproof formula for perfect proofreading legal documents every time. Understanding the Concept of Cheque Bounce in India Cheque bounces are considered as a Criminal offence in India .In this age of Internet where Internet Banking and Mobile Banking are used for Transferring Funds , there is a large section of population that prefers cheques .Dr . Gubbi Subba Rao explains the Dishonour of Cheque and Presumption in favor of the holder mentioned under sections 138 and 139 of the Negotiable Instruments Act , 1881. He also gives an exceptional view of Section 420 of the Indian Penal Code under which the punishment for Cheating has been provided according to which the person shall be punished with imprisonment of either description for a term which may extend to 7 years, and shall also be liable to fine . This video gives us the in depth knowledge of the consequences and the remedies for the same.

One Person Company in India Introduction First, understand the difference between Private Limited Vs. Limited Liability Vs. Dispute Resolution through Reference to Micro and Small Enterprises (MSME) Facilitation Council Dispute Resolution through Reference to Micro and Small Enterprises (MSME) Facilitation Council Author: Advocate Nishant Nigam and Associate Ankit Ahuja Any Micro or small enterprise having valid EM Part -II /UAM can apply to a ‘Micro and Small Enterprises Facilitation Council’ of a the state having jurisdiction to entertain the matter regarding dispute resolution where where any buyer fails to make payment of the amount to the supplier the buyer and such amount to due to be paid shall be liable to pay compound interest with monthly rests to the supplier on that amount from the appointed day from the date immediately following the date agreed upon, at three times of the bank rate.The State Government shall establish one or more Micro and Small Enterprises Facilitation Councils where such dispute resolution takes place State / UT Notified MSEFC Rules (As of 19.03.2019) The process to apply at a Facilitation Councils (Online) The User has to Ensure that -

Dishonor of Cheque: Section 138 of the Negotiable Instruments Act, 1881 The term ‘Negotiable’ means ‘transfer by endorsement or delivery’ and the term ‘Instrument’ means ‘any legal document in writing, which is created in favour of any person. Therefore, Negotiable Instruments are written statements implying payment of money, either on demand or within a particular time period with the drawer’s/payer’s name on it. In case of any related legal matter, please Post Your Requirement anonymously and get free proposals OR Search for a Lawyer and book a free appointment directly. History and background In India, Negotiable Instruments Act, 1881 codifies the law governing transactions involving negotiable instruments.

Alternate Market Commission - A Boost for Startup Ecosystem Bhumesh Verma, Managing partner and Soumya Shekhar, Associate Introduction Startup eco-system carries vast potential for economic activity and revenue generation in India. It has the knack to change the dynamics of the Indian economy to a large extent. Facing Delayed Possession of Property? The Supreme Court of India is proving to be a great help for all the stressed buyers who invested their hard earned money into buying a property but were facing delays in possession of their property. We have been helping home buyers approach the NCDRC (National Consumer Disputes Redressal Commission) in the right way and get their money back. Lawyered acting as an Amicus Curiae or ‘Friend of the court’ is connected with legal advisory currently representing at least 9200+ clients against 63+ builders at NCDRC in various cases. If you are one of the unlucky buyers, just drop in your details and we will provide you a legal consultation absolutely free of charge. Here what you can file for: Claim the money required to buy alternate accommodation at the ongoing market value in the respective area.

6 Mandatory Tax And Regulatory Compliances For Business 6 Mandatory Tax And Regulatory Compliances For Business Author: Associate Runa Jasia What is Mandatory Tax? As the name itself suggests, it is mandatory to pay these taxes. For example as per the Income Tax Act: It is compulsory to file an Income Tax return in India as per the Income Tax Act, 1961 .

Related: