This form contains the information of the income tax paid by an assessee, filing of which helps
in easy acquiring of loans, visa application and also helps avoid penalties.
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Income tax is levied on the income of all the salaried individuals. Its provisions are governed by the Income Tax Act 1961 wherein the tax is collected by the Central Govt of India. The Central Board of Direct Taxes notifies the format for filing the returns by different assesses. The general requirements for furnishing the return are particulars of income earned under a different head, gross income, and deductions from gross total income, total income, and tax payable by the assessee.
According to Section 139 (1) of the Income Tax Act, individuals whose source of income is either through salary, pension, lottery, or income from property or any other sources have to compulsorily file the returns. An individual person should file the return mandatorily on or before the due date if his/her gross taxable income during the particular financial year exceeds the threshold which is not chargeable to tax.
If he incurs the loss in the previous financial year, he need not file any return. An NRI whose gross income exceeds INR 2,50,000 in the previous year has to file the income tax return. It is compulsory for all the firms including Limited Liability Partnerships (LLP) as well as Unlimited Liability Partnerships and companies regardless of Public, Private or foreign companies to file the return of income or loss for every previous year on or before the due date in the prescribed form.
The IT returns have to be filed before 31 July for individuals and by 30 September for businesses.
1. Assesses whose gross income is above the exemption limit. The basic exemption limit is Rs 2.5 lakhs for individuals/HUFs below 60 years of age; Rs 3 lakhs for resident individuals above 60 years and below 80 years; Rs 5 lakhs for resident individuals over 80 years of age.
2. Non-resident individuals covered under 115AC and having taxable income, which crosses Rs 2.5 lakhs
3. Business owners or working professionals who have incurred profits and losses
4. All individuals claiming relief under Sections 90 or 90A or 91
5. Indian residents who act as signing authorities for foreign accounts
6. All salaried employees working in an organization even though they do fall under the exemption limit have to mandatorily file for IT
7. Indian residents, possessing assets outside of the country
8. Persons exempted from income tax who are looking to seek loans. Irrespective of the loan type, all such individuals have to submit the IT return statement as valid proof.
9. Individuals who had earned through sale of property that was under Charitable trust, religious trust, educational institution, or any other body.
As per Section 139 of the Income Tax Act 1961 IT returns have to be filed by July 31 and by 30 September. The prescribed dates vary depending on their nature of job.
Any person who does not require to audit his accounts is supposed to file the returns by July 31 of every assessment year. A person or employee who is getting salaries, who is self-employed or professional. An NRI and freelancer or a consultant must file their returns by 31st July. Any persons or entity or a working partner with the firm or a consultant who has to audit the accounts need to file their returns by 30th September.
The taxpayer has to make his return on or before the due date or within the allowable time by a notice. If they fail to return, it will lead to belated return Sec 139 (4) and he will be charged Rs. 5,000 as a penalty under Sec 217F of IT Act for belated return. Even though the returns are filed after the due date, no penalty is imposed when the income does not require a mandatory filing.
Individuals having a total income of less than Rs 5 lakh have an option for filing their tax return in a written form. Other taxpayers should mandatorily file their returns in electronic form with a digital signature https://www.incometaxindiaefiling.gov.in/home
As the returns are filed electronically, there is no need for any hard copies of documents like TDS certificates, investment proofs, etc. It is advisable to retain all the relevant documents of income disclosed, claims/deduction whenever they are demanded.
Know more about Income Tax Return Filing For Non-resident Indians.
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