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Income Tax Return


 

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Income Tax Return

Who is required to file the Income Tax Return?

 

Every person,—

(a) being a company or a firm; or

(b) being a person other than a company or a firm, if his total income or the total income of any other person in respect of which he is assessable under this Act during the previous year exceeded the maximum amount which is not chargeable to income-tax,

shall, on or before the due date, furnish a return of his income in the prescribed form and verified in such manner as may be prescribed.

 

Provided that every company or a firm shall furnish on or before the due date the return in respect of its income or loss in every previous year

 

Provided also that a person, being a resident other than not ordinarily resident in India within the meaning of clause (6) of section 6, who is not required to furnish a return under this sub-section and who at any time during the previous year,—

 

(a) holds, as a beneficial owner or otherwise, any asset (including any financial interest in any entity) located outside India or has signing authority in any account located outside India; or

(b) is a beneficiary of any asset (including any financial interest in any entity) located outside India,

shall furnish, on or before the due date, a return in respect of his income or loss for the previous year in such form and verified in such manner as may be prescribed.

 

Provided also that a person referred to in clause (b), who is not required to furnish a return under this sub-section, and who during the previous year—

 

(i) has deposited an amount or aggregate of the amounts exceeding one crore rupees in one or more current accounts maintained with a banking company or a co-operative bank; or

(ii) has incurred expenditure of an amount or aggregate of the amounts exceeding two lakh rupees for himself or any other person for travel to a foreign country; or

(iii) has incurred expenditure of an amount or aggregate of the amounts exceeding one lakh rupees towards consumption of electricity; or

(iv) fulfils such other conditions as may be prescribed,

shall furnish a return of his income on or before the due date in such form and verified in such manner as may be prescribed.

 

 

What is the due of filling of Income Tax Return?

 

"due date" means,—

 

(a) where the assessee other than an assessee referred to in clause (aa) is—

(i) a company; or

(ii) a person (other than a company) whose accounts are required to be audited under this Act or under any other law for the time being in force; or

(iii) a working partner of a firm whose accounts are required to be audited under this Act or under any other law for the time being in force,

the 30th day of September of the assessment year;

 

(aa) in the case of an assessee who is required to furnish a report referred to in section 92E, the 30th day of November of the assessment year;

 

(b) in the case of a person other than a company, referred to in the first proviso to this sub-section, the 31st day of October of the assessment year;

 

(c) in the case of any other assessee, the 31st day of July of the assessment year.

 

 

How can I file Income Tax Return

 

You can provide the documents to E-Legal Opinion (AHG Legal Opinion Private Limited), We will file the the return within one day itself.

Click here to 

 

 

What is the last date of furnishing if Income Tax Return?

 

If any person has not furnished a return within the time allowed to him as specified in Ans.2 above, may furnish the return for any previous year at any time before the end of the relevant assessment year or before the completion of the assessment, whichever is earlier.

 

 

What is the last date of revision of Income Tax Return?

 

If any person, having furnished a return, discovers any omission or any wrong statement therein, he may furnish a revised return at any time before the end of the relevant assessment year or before the completion of the assessment, whichever is earlier.

 

 

What is the last date of filing defective return of Income Tax?

 

Where the Assessing Officer considers that the return of income furnished by the assessee is defective, he may intimate the defect to the assessee and give him an opportunity to rectify the defect within a period of fifteen days from the date of such intimation, and if the defect is not rectified within the said period of fifteen days, then, notwithstanding anything contained in any other provision of this Act, the return shall be treated as an invalid return and the provisions of this Act shall apply as if the assessee had failed to furnish the return.

 

 

What are the case where return is treated as defective return?

 

A return of income shall be regarded as defective unless all the following conditions are fulfilled, namely :—

 

(a) the annexures, statements and columns in the return of income relating to computation of income chargeable under each head of income, computation of gross total income and total income have been duly filled in;

 

(b) the return is accompanied by a statement showing the computation of the tax payable on the basis of the return;

 

(bb) the return is accompanied by the report of the audit referred to in section 44AB, or, where the report has been furnished prior to the furnishing of the return, by a copy of such report together with proof of furnishing the report;

 

(c) the return is accompanied by proof of—

 

(i) the tax, if any, claimed to have been deducted or collected at source and the advance tax and tax on self-assessment, if any, claimed to have been paid :

 

Provided that where the return is not accompanied by proof of the tax, if any, claimed to have been deducted or collected at source, the return of income shall not be regarded as defective if—

 

(a) a certificate for tax deducted or collected was not furnished under section 203 or section 206C to the person furnishing his return of income;

 

(b) such certificate is produced within a period of two years specified under sub-section (14) of section 155;

 

(ii) the amount of compulsory deposit, if any, claimed to have been made under the Compulsory Deposit Scheme (Income-tax Payers) Act, 1974 (38 of 1974);

 

(d) where regular books of account are maintained by the assessee, the return is accompanied by copies of—

 

(i) manufacturing account, trading account, profit and loss account or, as the case may be, income and expenditure account or any other similar account and balance sheet;

 

(ii) in the case of a proprietary business or profession, the personal account of the proprietor; in the case of a firm, association of persons or body of individuals, personal accounts of the partners or members; and in the case of a partner or member of a firm, association of persons or body of individuals, also his personal account in the firm, association of persons or body of individuals;

 

(e) where the accounts of the assessee have been audited, the return is accompanied by copies of the audited profit and loss account and balance sheet and the auditor's report and, where an audit of cost accounts of the assessee has been conducted, under section 233B of the Companies Act, 1956 (1 of 1956), also the report under that section;

 

(f) where regular books of account are not maintained by the assessee, the return is accompanied by a statement indicating the amounts of turnover or, as the case may be, gross receipts, gross profit, expenses and net profit of the business or profession and the basis on which such amounts have been computed, and also disclosing the amounts of total sundry debtors, sundry creditors, stock-intrade and cash balance as at the end of the previous year.

 

 

What are form for filing income tax return for AY 2019-20?

 

Form

Description

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)

ITR 2

For Individuals and HUFs not having income from profits and gains of business or profession

ITR 3

For individuals and HUFs having income from profits and gains of business or profession

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)

ITR 5

For persons other than:-
(i) Individual,
(ii) HUF,
(iii) Company and
(iv) Person filing Form ITR-7

ITR 6

For Companies other than companies claiming exemption under section 11

ITR 7

For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D)

 

What is late fee of filing of income tax return? 

 

Where a person required to furnish a return of income under section 139, fails to do so within the time prescribed in sub-section (1) of the said section, he shall pay, by way of fee, a sum of,—

(a)  five thousand rupees, if the return is furnished on or before the 31st day of December of the assessment year;

(b)  ten thousand rupees in any other case:

 

Provided that if the total income of the person does not exceed five lakh rupees, the fee payable under this section shall not exceed one thousand rupees.

Regular Compliance

Regulatory compliance is an organization's adherence to laws, regulations, guidelines and specifications relevant to its business processes

One Time Compliance

Every company other than Government company shall file a onetime return of outstanding receipt of money or loan by a company.

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