Corporate Updates Why is it Important to File ITR?

Legal Obligation:

Filing income tax returns is not just a civic responsibility but also a legal requirement its an corporate updates in hyderabad. The Income Tax Act of India mandates that individuals, including salaried employees, business owners, and professionals, file their ITR within the specified deadlines.

Avoid Penalties:

Failing to file your ITR on time can result in penalties and interest. The Income Tax Department imposes penalties for late filing, which can be a financial burden on taxpayers. Timely submission helps in avoiding these unnecessary additional charges.

Creditworthiness:

A consistent history of filing ITR enhances an individual’s financial credibility. Financial institutions often require ITR documents when processing loan applications, and a timely filing reflects financial responsibility and stability.

Claiming Refunds:

Timely filing of ITR is crucial for those who are eligible for income tax refunds. If you have excess tax deducted at source (TDS) or have made advance tax payments, filing your returns promptly ensures a timely refund, preventing any delays in receiving your money.

When filling an Income Tax Return (ITR) or updated Income Tax Return (ITR) for Previous Years, it’s essential to pay attention to various details to ensure accuracy and compliance with tax regulations. Below are some important points to consider

Selecting the Correct ITR Form:

Use the appropriate ITR form based on your sources of income, residential status, and other relevant factors. Different forms cater to different types of taxpayers.

Disclosure of All Income:

Include all sources of income, such as salary, business income, rental income, capital gains, and any other income earned during the financial year.

Verification of Personal Details:

Double-check and update personal information like name, address, PAN (Permanent Account Number), and contact details. Ensure that the details match those in your PAN card.

Bank Account Details:

Provide accurate bank account details for receiving any tax refunds. The Income Tax Department increasingly emphasizes pre-validation of bank accounts for refund.

Claiming Deductions and Exemptions:

Ensure that you claim all eligible deductions under various sections of the Income Tax Act, such as 80C, 80D, 80G, etc. Provide necessary documentary evidence if required.

Reporting of TDS and Other Taxes Paid:

Report all taxes deducted at source (TDS) and other advance taxes paid during the financial year. Cross-verify the details with Form 26AS, which is available on the Income Tax Department’s website.

Verification of Form 26AS:

Check Form 26AS for any discrepancies in the TDS details. It is advisable to reconcile the TDS mentioned in your Form 16/16A with Form 26AS.

Accuracy in Filling Financial Details:

Ensure accuracy in reporting financial details, such as income, deductions, and exemptions. Any discrepancies may lead to scrutiny or additional tax liabilities.

Reconciliation of Income with Form 16/16A:

Reconcile the income details provided in your ITR with the figures mentioned in Form 16 (for salaried individuals) or Form 16A (for income other than salary).

Capital Gains Reporting:

If applicable, accurately report capital gains from the sale of assets. Different types of capital gains (short-term, long-term) are taxed at different rates.

Maintain Proper Documentation:

Keep all relevant documents, including Form 16, investment proofs, bank statements, and other supporting documents, for future reference or in case of an audit.

Advance Tax Payment:

If you have income on which TDS is not applicable, ensure that you pay advance tax if your tax liability exceeds Rs. 10,000 in a financial year.

Filing within the Due Date:

File your updated ITR within the specified due date to avoid penalties and interest. The due date varies based on the type of taxpayer and other factors.

Digital Signature or Aadhaar OTP:

Choose the appropriate method for verifying your ITR, either through a digital signature or Aadhaar OTP (One- Time Password).

Consultation with a Tax Professional:

If you find the tax filing process complex or have intricate financial situations, consider seeking advice from a tax professional to ensure accurate filing

Steps to File ITR for the Last 3 Years:

Gather Documents:

Collect all relevant documents, including Form 16, salary slips, bank statements, investment proofs, and any other income-related documents.

Choose the Right Form:

Depending on your income sources, select the appropriate ITR form. Forms such as ITR-1, ITR-2, ITR-3, etc., cater to different types of taxpayers.

Use Online Platforms:

The Income Tax Department has made the process of filing returns convenient through online platforms. Utilize the official e-filing portal or authorized intermediaries to submit your returns.

Verify Aadhaar and PAN:

Ensure that your Aadhaar and PAN details are accurate and linked. This is crucial for the e-verification process.

Check for Updates:

Stay informed about any changes in tax laws or filing procedures. The Income Tax Department may issue notifications or updates, and it’s essential to be aware of these changes.

Conclusion: Filing your Income Tax Returns for the past three years before the December 31, 2023, deadline is not just a regulatory requirement but a prudent financial practice. It helps you avoid penalties, maintain financial credibility, and ensures that you receive any eligible refunds in a timely manner. Take the necessary steps now to fulfill this obligation and start the new year on a financially responsible note.

Name of the Company:
CIN:
Details of pending share warrants issued prior to the commencement of Companies Act, 2013 (18 of 2013):-
(For each approval of Central Government in case the approval was sought on more than one occasion)
(i) Date of approval of the Central Government: …………………………………………………………
(ii) Date of issue of share warrants: ………………………………………………………………………
(iii) Number of shares against which share warrants issued: …………………………….........................
(iv) Details of persons to whom share warrants issued: ………………………………………………….
Sl. No. Name of the person to
whom share warrants
issued
Certificate number against
which share warrants issued
Distinctive number of shares
against which share warrant
issued
Number of shares
involved
[??? II—???? 3(i)] ???? ?? ??????? : ??????? 7

I ____ am authorised by the Board of Directors of the Company vide resolution number _______* dated
(DD/MM/YYYY)* to sign this form and declare that all the requirements of the Companies Act, 2013 and the rules
made thereunder in respect of the subject matter of this form and matters incidental thereto have been complied with.
It is also certified that whatever is stated in this form and in the attachments thereto is true, correct and complete and
no information material to the subject matter of this form has been suppressed or concealed.
To be digitally signed by
*Designation
(Director/Managing Director/Manager/Company Secretary/Chief Executive Officer/Chief Financial Officer)
*Director identification number (DIN) of the Director; or DIN or Permanent Account Number of the Manager or
Chief Executive Officer or Chief Financial Officer; or Membership number of the Company Secretary
Certificate by practicing professional
I ……………… (name/category of professional) declare that I have been duly engaged for the purpose of certification
of this form. It is hereby certified that I have gone through the provisions of the Companies Act, 2013 and the rules
made thereunder for the subject matter of this form and matters incidental thereto and I have verified the above
particulars including attachment(s) from the original/certified records maintained by the company/applicant, which is
subject matter of this form and found them to be true, correct and complete and no information material to this form
has been suppressed.
I further certify that:
1. The records of share warrant have been properly prepared, signed by the required officers of the company and
maintained and were found to be in order;
2. All the required attachments have been completely and legibly attached to this form.
* To be digitally signed by
Category of professional
Chartered accountant (in whole-time practice)
Cost accountant (in whole-time practice)
Company secretary (in whole-time practice)
* Whether associate or fellow:
Associate Fellow
Membership number
Certificate of practice number
Note: Attention is drawn to provisions of sections 448 and 449 of the Companies Act, 2013 which provide for
punishment for false statement/certificate and punishment for false evidence respectively.
This eForm has been taken on file maintained by the Registrar of Companies through electronic mode and on the basis
of statement of correctness given by the filing company.
__________________________________________________________________________________________

Notice
Name of the Company____________________
Pursuant to rule 9(2)(b) of the Companies (Prospectus and Allotment of Securities) Rules, 2014, every bearer of share
warrants is required to surrender the relevant share warrants with the company concerned for conversion of warrants
into shares in the dematerialised form.
8 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)]
Accordingly, notice is hereby given to every bearer of share warrant by _____________ (name of the company) to
surrender the relevant share warrants with the company for conversion of such warrants into shares in the
dematerialised form.
In case, the share warrants are not surrendered within the period referred to in rule 9(2)(b), the company shall convert
the share warrants into shares and transfer the same to Investor Education and Protection Fund established under
section 125 of the Companies Act, 2013.
Sd/
On behalf of __________ (Name of the Company).”.
__________________________________________________________________________________________
[F. NO. 1/21/2013-CL-V]
INDER DEEP SINGH DHARIWAL, Jt. Secy.
Note : The principal rules were published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i),
vide number G.S.R. 251(E), dated the 31st March, 2014 and lastly amended vide notification G.S.R. 37(E37(E),
dated the 20th January, 2023