Levy of Penalty U/S 271D

Digitization has helped curb the way for online payments of most of the taxes in India. This way, individuals from urban and rural areas can pay their taxes at the right time, without a delay provided they just have access to the internet.

Income Tax return, commonly known as ITR can be done online. Income Tax return registration can be done in the government tax website. The ITR stands for the procedure where in a given tax year, some of the extra taxes paid during the year will be refunded to you. This can also be called as a tax refund.

A Case Study

The Income tax is a department that is not to be taken lightly. One such case from Mumbai, Parin K. Rajvani verses JCIT, with a Penalty levied under u/s 271 D is an example. Here, a woman, who is a tailor by profession, was fined with a sum of 40,000 Rs for not having shown proper records for 40,000 Rs she had borrowed from her daughter in law as loan. However, during the Assessment year, she was fined a few days later than the fining period of six months. Hence, the fine was considered moot and was withdrawn.

How to File ITR Online

Filing ITR online is a simple procedure. Firstly, for all taxes one has to calculate the tax amount required to be paid before proceeding to pay. Conventional methods of tax calculating are done through an auditor who will audit your income for the year and then calculate the amount of tax you are to pay to the government. Income tax should be paid regularly by individuals, businesses and other firms.

To file itr online you have to calculate your tax. Nowadays there are tax calculators available online to carry out this process in a hassle free way. Tax calculators are available in the government websites as well as other tax related website. One thing you should keep in mind about these calculators is that they do not calculate any complicated cases of ITR filing online. Should any complications occur then you must calculate them separately.

Online filing of IT return India is a very simple process that saves more time for you. However when you are going digital, you must make sure that all your hard copies are converted to soft copies. If you are to attach any sort of documents with your tax filing application, then you should make sure that those documents are digitalized. This includes your signature which you will have to make sure is in digital form. You must then upload a copy of it along with your application.

This procedure to file ITR online is fast and time saving. Moreover it is accurate and safe.