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Also, by filing your Income Tax Return you can get income tax refund, if you have paid excessive tax to the government.
After you have successfully filed your return , ITR V will be generated by the tax department system. If you don't verify your return it would be treated as if you've not filed your return.
This is a summary document, which acknowledges that return has been received by the IT Department. To verify it offline, you need to take a print-out and sign it.
Although, for the persons who fall in the ambit of tax audit, the due date is 30th September and in the cases where transfer pricing is applicable, the due date is 30th November after the end of the financial year.
Note: Persons who fall in the ambit of Tax Audit are: Well, if you miss the due date ,you can redeem yourself by filing late/Belated Return which can be filed before the expiry of one year from the end of the relevant assessment year or before the completion of assessment whichever is earlier.
For this you need to find out the right income tax form applicable on you.
There are 9 type of Income Tax Return(ITR) Forms based upon the nature of your income.For a salaried individual the relevant forms are ITR1, ITR2A & ITR2.Salary/Pension Income Income from 1 House Property (excluding carry forward of losses) Exempt Income (Agricultural income upto Rs.Be prepared to welcome notices from Income Tax Department along with fines and penalty.The consequences of non-filing of return are: Due date of filing Income Tax Return is 31st July after the end of each financial year for which it is to be filed.So, even if you are under impression that there is no need for you to file income tax return since employer has deducted TDS in full, then you are mistaken.