Every Individual / HUF assessees having a gross total income of more than Rs. 2, 50,000 during the year are compulsorily required to file Income Tax Returns. However, a person may voluntarily file income tax returns to avail various benefits. The due date to file income tax returns for individuals and HUF is 31 st July. It is advisable to file income tax returns within the due date to avoid late filing fees and penalties.
If you want to carry forward your losses it is necessary to file the income tax within the due date. Income tax return for a particular assessment year cannot be filed after the end of the assessment year. It is beneficial to file income tax returns to get a refund of the TDS deducted. There is no separate income tax return for the proprietary business.
MyEfilings provide the most reasonable and competent services for Income Tax Returns of Individual / HUF /Proprietor.