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|Valid for Individuals having turnover less than 2 crore||Valid for Individuals having turnover more than 2 crore||Valid for all private limited, limited companies and llp firms|
|Does not include book keeping||Does not include book keeping||Does not include book keeping|
|Professionals with turnover more than 50 Lacs are not covered||Professionals with turnover more that 50 Lacs are covered under this package|
What are the due dates for filing returns of income/loss?
Due date of filing of return of income
|Sr. No.||Status of the taxpayer||Due date|
|1||Any company other than a company who is required to furnish a report in Form No. 3CEB under section 92E(i.e. other than covered in 2 below)||September 30 of the assessment year|
|2||Any person (may be corporate/non-corporate) who is required to furnish a report in Form No. 3CEB undersection 92E||November 30 of the assessment year|
|3||Any person (other than a company) whose accounts are to be audited under the Income-tax Law or under any other law||September 30 of the assessment year|
|4||A working partner of a firm whose accounts are required to be audited under this Act or under any other law||September 30 of the assessment year|
|5||Any other assessee||July 31 of the assessment year|
If I fail to furnish my return within the due date, will I be fined or penalized?
Yes, if you have not furnished the return within the due date, you will have to pay interest on tax due. If the return is not filed up to the end of the assessment year, in addition to interest, a penalty of Rs. 5,000 shall be levied under section 271F. [No penalty section 271F would be levied w.e.f. Assessment Year 2018-19]
i. Rs. 5000 if return is furnished on or before the 31st day of December of the assessment year;
ii. Rs. 10,000 in any other case
However, late filing fee shall not exceed Rs. 1000 if the total income of an assessee does not exceed Rs. 5 lakh.
Can a return be filed after the due date?
Return of income which has not been furnished on or before the due date specified under section 139(1) is called belated return. Belated return of income is furnished under section 139(4).
Any person who has not furnished a return of income within the time period allowed under section 139(1) or within the time period allowed under a notice issued under section 142(1), may furnish return for any previous year at any time before the expiry of one year from the end of the relevant assessment year or before completion of the assessment, whichever is earlier.
If I have committed any mistake in my original return, am I permitted to file a revised return to correct the mistake?
If a person is furnished original return and finds any mistake, omission or any wrong statement, then return should revised within prescribed time limit.
What are the forms of return prescribed under income tax law?
Under the Income-tax Law, different forms of returns are prescribed for different classes of taxpayers. The return forms are known as ITR forms (Income Tax Return Forms). The forms of return prescribed under the Income-tax Law for filing of return of income for the assessment year 2017-18 (i.e., financial year 2016-17) are as follows:
|Return Form||Brief Description|
|ITR – 1||Also known as SAHAJ is applicable to an individual having salary or pension income or income from one house property (not a case of brought forward loss) or income from other sources (not being lottery winnings and income from race horses, income taxable under section 115BBDA or income reffered in section 115BBDA).|
|ITR – 2||It is applicable to an individual or an Hindu Undivided Family who is not eligible to file Sahaj ITR-1 and whose income chargeable to income-tax under the head “Profits or gains of business or profession” is in the nature of interest, salary, bonus, commission or remuneration, by whatever name called, due to, or received by him from a partnership firm.|
|ITR – 3||It is applicable to an individual or a Hindu Undivided Family who is carrying on a proprietory business or profession.|
|ITR – 4||Also known as SUGAM is applicable to individuals or Hindu Undivided Family or partnership firm (other than limited liability partnership firm) who have opted for the presumptive taxation scheme of section 44AD/ 44ADA/44AE.|
|ITR – 5||This Form can be used by a person being a firm, LLP, AOP, BOI, artificial juridical person referred to in section 2(31)(vii), co-operative society and local authority. However, a person who is required to file the return of income under section 139(4A) or139(4B) or 139(4C) or 139(4D) or section 139(4E) or section 139(4F) shall not use this form (i.e., trusts, political parties, institutions, colleges, investment fund etc.)|
|ITR – 6||It is applicable to a company, other than a company claiming exemption under section 11 (exemption under section 11 can be claimed by charitable/religious trust).|
|ITR – 7||It is applicable to a persons including companies who are required to furnish return under section 139(4A) or 139(4B) or139(4C) or 139(4D) or section 139(4E) or section 139(4F) (i.e., trusts, political parties, institutions, colleges, investment fund, etc.).|
|ITR – V||It is the acknowledgement of filing the return of income.|
Sale Price: ₹3000
Sale Price: ₹5000
Sale Price: ₹5000
Is it necessary to attach any documents along with the return of income?
ITR return forms are attachment less forms and, hence, the taxpayer is not required to attach any document (like proof of investment, TDS certificates, etc.) along with the return of income (whether filed manually or filed electronically). However, these documents should be retained by the taxpayer and should be produced before the tax authorities when demanded in situations like assessment, inquiry, etc.