LEGAL PROVISIONS REGARDING FURNISHING OF RETURN OF INCOME
At the end of every tax year, it is necessary for certain persons to inform the income tax authorities about the total income they have earned during the year. They are also required to show the incomes earned but which are exempt from tax.
All these details are to be provided in a prescribed form. This form technically is known as a return of income or simply รก return. A return of income states all the information required by the form, including a declaration of the records kept by the taxpayer. In case of persons carrying on a business, their return should also include an income statement, balance sheet and any other document asked for in the form. It should be signed by the person or his representative. If the taxpayer is not on the National Tax Number Register, he should file an application on the prescribed form along with the return of income. When this return, duly completed, is submitted to the income tax authorities, it is known as furnishing the return of income. In case of persons whose last or Dfa Ho declared income of this year is Rs. 10,00,000 or more, they should furnish a wealth statement and a wealth reconciliation statement also along with their return. Let us now discuss various aspects in this respect. Naturally, the first question will be: who are the persons for whom it is necessary that they should fill up the form and hand it over to the income tax authorities or in other words:
