Income Tax Return is the form in which assessee files information about his Income and tax thereon to Income Tax Department. Various forms are ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 and ITR 7. When you file a belated return, you are not allowed to carry forward certain losses.
The Income Tax Act, 1961, and the Income Tax Rules, 1962, obligates citizens to file returns with the Income Tax Department at the end of every financial year. These returns should be filed before the specified due date. Every Income Tax Return Form is applicable to a certain section of the Assessees. Only those Forms which are filed by the eligible Assessees are processed by the Income Tax Department of India. It is therefore imperative to know which particular form is appropriate in each case. Income Tax Return Forms vary depending on the criteria of the source of income of the Assessee and the category of the Assessee.
Every individual who is less than 60 years of age and has an annual income more than Rs 2.5 lacs has to file income tax return. For senior citizens having age less than 80 years the limit is Rs 3.00 lacs and for senior citizens having age of 80 years or more limit is Rs 5.00 lacs. Hence as per the provision of the income tax act 1961 any individual having income more than above said limits of 2.5 lacs\ 3.00 lacs\ 5.00 lacs \ during financial year is required file his income tax return mandatory.
However, in addition to the above said criteria there are following list of criteria which mandate the filing of income tax return.
Particulars AY: 2020-21 | Due Date |
---|---|
Individuals, HUF, BOI, AOP (Income Tax Return by Assesse whose Books of Account are not required ) | 30 November 2020 |
Due date of filing the Income Tax Return by businesses whose Books of Account are not required to be audited | 30 November 2020 |
Due date of filing the Income Tax Return by businesses whose Books of Account require an audit | 31 October 2020 |
As per the new law from this year, Individuals will have to pay late fee after last date to file income tax return for the FY 2019-20
ITR -1 Form is a simplified one-page form for individuals having income up to Rs 50 lakh from the following sources :
In the case of clubbed Income Tax Returns, where a spouse or a minor is included, this can be done only if their income is limited to the above specifications.
If you have income above Rs 50 lakhs , you can file ITR 2 ,ITR 3 or ITR 4 (Sugam) depending upon your source of income. If you are salaried individual having income above Rs 50 lakhs, you should file ITR 2. And if you are having income from business or profession, then you should file ITR 3. In case you are following presumptive income u/s 44AD /44AE, then you should file ITR 4 (sugam).
You need to report exempt LTCG in ITR 1 provided it is exempt under Section 10(38). If you have taxable LTCG, you may use the other forms as applicable. Also it is mandatory to e file tax returns for those whose LTCG exceeds Rs 2.5 lakhs even if your income is below taxable limit.
Yes .you can if the agricultural income does not exceed Rs 5000.And If the agricultural income is more than Rs 5000, then you should file ITR 2.
The details of all the savings and current accounts held at any time during the previous year must be provided. However, it is not mandatory to provide details of dormant accounts which are not operational for more than 3 years. The account number should be as per Core Banking Solution (CBS) system of the bank. It is to be provided in the Part E – other information of the ITR form.
Yes.Dividend income from mutual funds is exempt under sec 10(35).It is to shown in Part D under the head Exempt Income(others)
ITR Form 2 is for Individuals and HUF receiving income other than income from “Profits and Gains from Business or Profession”. Thus persons having income from following sources are eligible to file Form ITR 2:
A Director of any company and an individual who is invested in unlisted equity shares of a company will be required to file their returns in ITR-2.
Yes you can. Read our guide to understand the process in depth. .
Certain income is exempt under section 10 of the Income Tax Act. Exempt income includes – Allowances which may be exempt to a certain extent, for example, HRA, LTA, transport allowance etc. Gratuity, leave encashment, pension may be exempt under section 10 of the Act.
The ITR 3 is applicable for individual and HUF who have income from profits and gains from business or profession. The persons having income from following sources are eligible to file ITR 3 :
NOTE: (1) The due date for filing ITR-3 in case of a taxpayer subject to tax audit has been extended to 30 November from 31 October for the AY 2020-21 (FY 2019-20). The due date for filing tax audit report is extended to 31 October from 30 September. (2) The threshold limit of Rs 1 crore for a tax audit is proposed to be increased to Rs 5 crore with effect from AY 2020-21 (FY 2019-20) if the taxpayer’s cash receipts are limited to 5% of the gross receipts or turnover, and if the taxpayer’s cash payments are limited to 5% of the aggregate payments.
ITR 4 is to be filed by the individuals/HUF/ partnership firm whose total income of AY 2020-21 includes : a. Business income under section 44AD or 44AE b. Income from profession calculated under section 44ADA c. Salary/pension having income up to Rs 50 lakh d. Income from One House Property having income up to Rs 50 lakh (excluding the brought forward loss or loss to be carried forward cases under this head); e. Income from Other Sources having income up to Rs 50 lakh (Excluding winning from lottery and income from horse races). Note : 1. Freelancers engaged in the above profession can also opt for this scheme if their gross receipts don’t exceed Rs 50 lakhs
This form can be used a person being a firm, LLPs, AOP, BOI, artificial juridical person referred to in section 2(31)(vii),estate of deceased, estate of insolvent, business trust and investment fund, cooperative society and local authority.
However, a person who is required to file the return of income under section 139(4A) or 139(4B) or 139(4C) or 139(4D) shall not use this form.
The key changes in the ITR-6 Form in AY 2020-21 are summarised below:
Companies other than companies claiming exemption under section 11 must furnish their income tax return in ITR-6 Form.
What are the companies claiming exemptions under section 11?
Companies claiming exemption under section 11 are those whose income from property is held for charitable or religious purposes.
The key changes in the ITR-6 Form in AY 2020-21 are summarised below:
ITR-7 is filed when persons including companies fall under section 139(4A) or section 139 (4B) or section 139 (4C) or section 139 4(D) of The Income Tax Act 1961
Learn how to get the most of the GST system for both corporate and individual income.
Advance Booking Fee
Achieve tax savings and get professional legal protection in all possible tax matters. You are no longer alone
After 50% Work Done
Achieve tax savings and get professional legal protection in all possible tax matters. You are no longer alone
After Job completed Successfully
Achieve tax savings and get professional legal protection in all possible tax matters. You are no longer alone
Click one of our representatives below to chat on WhatsApp or send us an email to [email protected]
copyright © 2020 | efillingadda.com | All rights reserved