Fill in the blank: The ITR-1 form is specifically for individuals earning income from ___ and ___ only.

Salary and a single housing property

Explain the significance of the due date for filing income tax returns.

Due date impacts tax compliance.

• Sets tax submission timeline.

• Avoids penalties for late filing.

• Affects refunds and liabilities.

True or False: A late fee is imposed on late filing of ITR from the financial year 2018 onwards regardless of income level.

False. A late fee is only imposed if the total income exceeds Rs 500,000.

Describe the process for filing a belated return under Section 139(4).

Filing a belated return is possible.

• File after due date.

• Report income for assessment year.

• Must file before assessment year ends.

Fill in the blank: The penalty for filing an ITR after December 31 is ___ if filed on or before March 31 of the relevant assessment year.

Rs 10,000

What are the consequences of failing to file an income tax return when required?

Failing to file when required can lead to penalties, interest on unpaid tax, and legal action by tax authorities.

What is e-Filing, and why is it mandatory for certain taxpayers?

e-Filing simplifies tax submissions.

• Fast and efficient process.

• Reduces paper usage significantly.

• Enhances accuracy and compliance.

What is the time limit for completing an assessment under Section 147?

Assessment must be completed in 9 months.

• Time limit is crucial.

• Ensures timely compliance.

• Affects taxpayer responsibilities.

Fill in the blank: A defective return under Section 139(9) requires rectification within ___ days of receiving a notice.

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