Income Tax

Income Tax

• Its is mandatory for individuals, NRIs, partnership firms, LLPs, companies and Trust to file income tax returns each year.
• Individuals and NRIs are required to file income tax return, if their income exceeds Rs.2.5 lakhs per annum.
• Proprietorship firms and partnership firms are required income tax return - irrespective of amount of income or loss.
• All companies and LLPs are mandatorily required to file income tax return, irrespective of turnover or profit.

Due Date

• Income Tax Return Filing due date for individual taxpayers is 31st July of every year.
• Income tax return filing for companies and taxpayer requiring tax audit is 30th September of every year.

Penalty for Late Filing

• Late Filing between 1st August and 31st December - Rs.5000
• Late Filing After 31st December - Rs.10000
• Penalty if taxable income is less than Rs.5 lakhs - Rs.1000

Income Tax Forms

  ITR 1

ITR 1 can be filed by a resident individual whose Income is from

• Salary
• House Property

  ITR 2

TDS ITR 2 can be filed by a resident individual or HUFs whose Income is from

• Salary
• One or More House Property
• Capital Gains

  ITR 3

ITR 3 can be filed by a resident individual or HUFs whose Income is from

• Business
• Profession

  ITR 4

ITR 4 can be filed by a resident individual/ HUFs/ Firm whose Income is from

• Business
• Profession
  (Whose income not exceeding 50 lakhs)

  ITR 5

ITR 5 can be filed by a Firms/ LLPs – Limited Liability Partnerships whose Income is from

• Business
• Profession

  ITR 6

ITR 6 can be filed by all the companies whose income is from

• Business
• Profession
  (other than companies claiming exemption under section 11)

  ITR 7

ITR 7 can be filed by the Companies/ Trust/ Organisations whose income is from

• The properties that are of charitable
• Or religious purpose
  (Applicable to those who are claiming exemptions under section 11)