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income tax return (itr)

Filing of Income tax Return is annual tax compliance for the assesse. Income Tax Return (ITR) is tax form in which the taxpayers declare his income earned during the year and tax thereon. The Income Tax Department has notified 7 forms i.e. ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 & ITR 7. Every taxpayer should file his ITR on or before the specified due date. The applicability of ITR forms varies depending on the category the taxpayer belongs to like individuals, HUF, Partnership, LLP, company, Trust, etc., sources of income of the taxpayer and the amount of the income earned. There are 5 major head of income in the ITR Form to declare the source of Income:
  • Income under head Salary
  • Income under head House Property
  • Profit and Gains from Business & Profession
  • Capital Gain
  • Income under head Other Sources.

 
WHO ARE REQUIRED TO FILE INCOME TAX RETURN AND WHAT ARE THE DIFFERENT FORM OF ITR

Under Income Tax Act, following ITR Forms are applicable based on category of taxpayers and source of income:

  1. ITR 1: For Individuals being a Resident (other than Not Ordinarily Resident) having Total Income upto Rs.50 lakhs, having Income from Salaries, One House Property, Other Sources (Interest etc.), and Agricultural Income upto Rs.5 thousand(Not for an Individual who is either Director in a company or has invested in Unlisted Equity Shares).
  2. ITR 2: For Individuals and HUFs not having income from profits and gains of business or profession.
  3. ITR 3: For individuals and HUFs having income from profits and gains of business or profession.
  4. ITR 4: For Individuals, HUFs and Firms (other than LLP) being a Resident having Total Income upto Rs.50 lakhs and having income from Business and Profession which is computed under sections 44AD, 44ADA or 44AE (Not for an Individual who is either Director in a company or has invested in Unlisted Equity Shares).
  5. ITR 5: For persons other than Individual, HUF, Company and Person filing Form ITR-7
  6. ITR 6: By Company
  7. ITR 7: For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D).

DOCUMENTS REQUIRED FOR ITR filing
 
  • Details of Source of Income
  • TDS Certificate
  • Form 26AS
  • For Business ITRs: Financials
  • Proof of Investments
  • Proof of Donation

FEE for late filing of income tax return
 As per Section 234F, an income taxpayer is liable to pay late ITR filing fees:
 
  • Rs 5,000 if tax return is filed after the deadline but on or before December 31 of the relevant assessment year (AY);
  • Rs 10,000 if tax return is filed after December 31 but before the end the relevant AY, i.e., before March 31;
  • For Small taxpayer whose total income does not exceed Rs 5 lakh, the maximum fees payable is Rs 1,000 if the ITR is filed any time after the expiry of the deadline but before end of the relevant AY.
 Have any question? We can help you… Email us at info@ca-sparks.com
CONTACT US:
We are conveniently located at Noida. You can always drop a mail or visit our office for more information on Business Setup in India and Periodical Tax Compliances:
SPARKS & ASSOCIATES
(Chartered Accountants)
FF-27, Sethi Arcade, Near Sethi Max Royal,
Sector-76, Noida, Gautam Budh Nagar,
Uttar Pradesh - 201301 (India).
Contact: +91 120-4523-800 / 9560-141-800
 
     
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