About

Tax return is the statement about the earnings from different sources of the income and this is therefore for the tax liability, the details about the tax paid and the refunds that was given under your government. The time given to give such information is in four months after the end of the financial year and this means that the business people will have enough time to file their returns.

When you do not file the income tax return, it will attract prosecution, penalty and interest from the Income Tax Department. There are myths that have been associated with filing of the tax return and one of them is to expect that the tax man may knock on the door when tax returns were not yet filed.