Income tax return (ITR) filing: Paid taxes? Your responsibility still not over

Aug 07, 2018, 19:36 PM IST
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Income tax return (ITR) filing: Lakhs of taxpayers have honestly paid their taxes and now they are sitting back comfortably, thinking their responsibilities are over. But are they really? Is there something that has been left out. Can taxpayers be held accountable? Here is truth.

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Income tax return (ITR) filing: Notably, the most important thing that has happened recently regarding ITR filing is the extension of the last date to August, 2018 from the earlier July, 2018. This, has also provided the public the opportunity to make sure everything is all right with their filing. 

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Income tax return (ITR) filing: As to the question, 'Is my responsibility under the Income-tax Act over once taxes are paid', then know that the answer is a resounding no.

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Income tax return (ITR) filing: According to the authorities, "You are thereafter, responsible for ensuring that the tax credits are available in your tax credit statement and TDS/TCS certificates received by you and that full particulars of income and tax payment are submitted to the Income-tax Department." 

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Income tax return (ITR) filing: Moreover, you should know that this should be in the form of Return of Income which is to be filed before the due date prescribed in this regard.

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