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FAQs on Income Tax Authorities - Past Year Questions - B Com

1. What is the deadline for filing income tax returns in India?
Ans. The deadline for filing income tax returns in India is generally July 31st of each year. However, in certain cases such as for businesses, the deadline may be extended to September 30th.
2. Can I file my income tax returns online?
Ans. Yes, you can file your income tax returns online. The Income Tax Department of India provides an online portal called e-Filing, where individuals can register and file their returns electronically.
3. Are there any penalties for late filing of income tax returns?
Ans. Yes, there are penalties for late filing of income tax returns. If the return is filed after the deadline but before December 31st of the relevant assessment year, a penalty of Rs. 5,000 may be applicable. If the return is filed after December 31st, the penalty amount may increase to Rs. 10,000.
4. What documents are required to file income tax returns?
Ans. To file income tax returns, you will need documents such as your PAN card, Form 16 (provided by your employer), bank statements, investment proofs, and any other relevant financial documents.
5. Can I claim deductions for expenses incurred during the financial year?
Ans. Yes, you can claim deductions for certain expenses incurred during the financial year. These include deductions for medical insurance premiums, home loan interest, education loan interest, and contributions to specified savings schemes such as the Public Provident Fund (PPF) or the National Pension Scheme (NPS). However, it is important to ensure that you have proper documentation and meet the necessary criteria to claim these deductions.
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