Income tax Return

INCOME TAX RETURN FILING IN INDIA The Income Tax Return filings in India is an important event both for the assessee or the taxpayers as well as for the government as Income tax or Direct taxes are one of the major source of revenue collection for the government. For individual assessee, the due date for filing Income Tax Return is 31 st July every year unless there is some extension in the due dates. Central Board of Direct Taxes (CBDT) has notified new Income Tax Return Filing forms for FY 2021-22 or AY 2022-23. CBDT has released the offline utility for filing ITR-1 and ITR-4 and the assessee may download the offline utility from the tax department portal and file the Income tax return. In this write up, we would be discussing about some points relating to new ITR-1 and ITR-4 notified by the government. 1)       ITR-1 may be filed by any Resident individual who is not Not Ordinary Resident and have total income less than Rs.50 lac during FY 2021...

  INCOME TAX RETURN As per law, every person who has taxable income more than the prescribed exemption limit of Rs.2.5 lac has to mandatorily file their Income Tax Return on or before the due date prescribed under the Income Tax Act.   Thus, income tax return filing in India is compulsory in case the income of the person is taxable. Now, a question arises as to what will happen if a taxable person does not file His/Her Income tax return within time?   Following are the consequences of non filing of Income Tax Return within time in India:   1)       In case of Income tax return filing after the due date - Penalty of Rs.5000 u/s 234F will be levied in case ITR is filed on or before   31st December of the Assessment Year. However, penalty of Rs.10,000 would be levied in case ITR is filed after 31 st December but before 31 st March of the assessment Year.   2)       In case of late ...

  NRI Tax Return Filing   Whether obligation of Income Tax Return Filing is only on the Residents or whether Nonresidents are also required to their tax return in India? This is a question which comes in the mind of many individuals.   As per the provisions of the Income Tax Act, 1961 ( the Act) every person having taxable income in excess of prescribed amount is required to prepare and file his or her income tax return on or before the due dates prescribed under the act.   Therefore, the obligation of tax return filing is on both the residents as well as non residents. In this write up, we would be discussing about NRI Tax Return filing in India.   Following points shall be kept in mind before filing income tax returns in case of NRIs:   a)      Determination of Residential status   Unlike residents, whose income earned in India as well as outside India is taxable in India, in case of nonresidents, only i...

  Income Tax Return filing in India Every assessee in India are required to prepare and file their Income Tax return for the income earned in the financial year on or before the due date prescribed under the Act. Income tax return filing is an annual affair and is major source of revenue for the government as all the assessee has to make final computation of their tax liability and pay the same to the government before or at the time of their Income Tax Return filing if already they have not made full payment of tax by way of advance tax or TDS. Normally, for an individual and HUF assessee, the due date for filing the tax return is 31 st July every year. Also, the due dates for company assesses are 30 th October. However, for those company’s on which transfer pricing provisions are applicable, the due date is 30 th November. However, at the time of COVID pandemic or some other unforeseen circumstances, CBDT may also extend the due date of tax return filing. For instance,...

    Income Tax Return Till now, as per the Income Tax Act, 1961 (“the Act), in case any assessee finds any omission or error in the Income tax return filed for any assessment year, they have an option to revise the same within 3 months before the end of relevant assessment year or before the completion of the assessment whichever is earlier. Therefore, there was very less time available to the taxpayers to file the revised tax return. Now, the Hon’ble Finance Minister has provided some relief to the tax payers while doing their Income tax return filing . Accordingly, now an assessee can file an updated tax return wherein such errors or omission can be rectified by paying some additional taxes. Also, such updated tax return can be filed within 2 years from the end of the relevant assessment year. Therefore, now the window for revision or filing of updated tax return is available for 2 years from the end of the relevant assessment year instead of earlier period of only 3 mon...

Income Tax Return   Every person earning any income in India are require to do their tax computation and   Income Tax Return Filing or ITR filing every year, in case, it has taxable income more than prescribed limit. Income tax return reflects the true financial worthiness of any person and also the tax collected by government are utilized in various social wellbeing and nation building exercises. Therefore, it is the responsibility of every citizen to compute their tax liability, pay their taxes honestly and file their Income Tax return. In this article we have highlighted some important points to be kept in mind while doing Income Tax Return Filing in India .      Due Date ITR filing must be completed on or before the due dates prescribed, otherwise, a person will be liable to pay penalty, interest. Also, current year losses cannot be allowed to be carried forward in case returns are filed after the due dates. Residential status of a person Dete...