Are you filing your personal income tax return for the first time this year? Then here are the 4 most commonly asked questions answered for you.
- Where to file the income tax returns?
If you are opting for the good old paper-filing method, then the address will depend on the location you reside in. You can check the address on your tax package sent each year or you can also check online for the same. Another method to file the income tax return is by applying online. You can take help of a professional for filing personal income tax return form properly as per the rules.
- When is the personal income tax return due?
The income tax return due is generally on April 30 every year. If you or your spouse runs a business, then the return date for you is the 15th of June each year.
- What happens you file your taxes late?
If you are late in filing the taxes, then you’ll be charged 5% of the balance automatically along with the penalty of 1% of the outstanding balance you owe.
- Can I make changes after submitting the form?
You can file a correction form T1 Adjustment request to make any changes for your mistakes. You can also amend the mistakes online by visiting your profile.
These are some of the most common questions asked. If you need help with filing your income tax returns, then you can contact us for any assistance.