Income Tax Return

Income Tax Return

Company

Every Body corporate carrying on Business or Profession has to compulsory file Income Tax Return. Small & Medium segment Corporates (SME's), Large Corporates, MNC's & Foreign Entities with Indian office can file their Tax Returns.

Due Date of Filing Return
Company Registered under Companies
Act 2013
30 Sept 2018, for Financial Year
(2019-2020)

Means of Filing Tax Return
E- Form Mandatory for Company Assessee

ITR Form Prescribed by the Income Tax Department
ITR Form 6 Company only. (Applicable for all sources
of Income)

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Individual

Every Individual carrying on profession having Gross Total Income above Rs 2,50,000 has to compulsory file Income Tax Return.

Consultants working in corporates, Professionals, Free Lancers, Insurance & Postal Agents, Stocks & MF Advisors can submit their Tax returns.

Due Date of Filing Return
If Gross receipts up to 50 Lacs 31 July 2018, for Financial Year (2019-2020)
If Gross receipts or Total Turnover above 50 Lacs 30 Sept 2018, for Financial Year (2019-2020)

ITR Form Prescribed by the Income Tax Department
ITR Form 4 Individual only. (being professional)
ITR Form 3 Partner in firm .( Income chargeable toincome-tax under the head "Profits or gains from profession" does not include anyincomeexcept their incomeby way of any interest, salary, bonus, commission or remuneration, by whatever name called, due to, or received by him from such firm)

Partnership Firm

Every Partnership Firm carrying on Business or Profession has to compulsory file Income Tax Return. Business units/Service providers (Like CA's/CS's/Advocate/Architects/Valuer's/others)

registered as a Partnership Firm/LLP can file their Tax Returns.

Due Date of Filing Return
If Gross receipts up to 15 Lacs for (Professional Firm) and Gross Turn Over upto 1 Crore (BusinessConcern) 31 July 2018, for Financial Year (2019-2020)
If Gross receipts above 15 Lacs for (Professional
Firm) and Gross Turn Over above 1 Crore (Business Concern)
30 Sept 2018, for Financial Year (2019-2020)

Means of Filing Tax Return
Paper Form Optional at the option of the assessee If Gross receipts up to 15 Lacs for (Professional Firm) and Gross Turn Over upto 1 Crore (Business Concern)
E- Form Optional at the option of the assessee If Gross receipts up to 15 Lacs for (Professional Firm) and Gross Turn Over upto 1 Crore (Business Concern). IfGross receipts or Total Turnover exceed Rs 15 Lacs or 1 Crore then mandatory E-filing.

ITR Form Prescribed by the Income Tax Department
ITR Form 5 Partnership Firm only. (Applicable for all sources of Income)

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Trust Society

Every Trust or Society deriving Income from property held under Trust for Charitable or Religious Purpose, If the Income without the giving the benefit of exemption exceeds the amount not chargeable to tax then every Trust / Society has to compulsory file the Tax Return.

Due Date of Filing Return
Where accounts of the assessee are required to be audited 30 Sept 2018, for Financial Year (2019-2020)
Any Other case 31 July 2018, for Financial Year (2019-2020)

Means of Filing Tax Return
E-Form Trust/Society

ITR Form Prescribed by the Income Tax Department
ITR Form 7 Trust /Society

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Proprietorship

Every Individual carrying on business having Gross Total Income above Rs 2,50,000 has to compulsory file Income Tax Return.

Individual having Manufacture business /Whole sale /Retail trade /Franchisee distribution /Contractors / Advertising or any other Business can submit their tax returns.

Due Date of Filing Return
If Gross receipts or Total Turnover up to
1 Crore
31 July 2018, for Financial Year (2019-2020)
If Gross receipts or Total Turnover above
1 Crore
30 Sept 2018, for Financial Year (2019-2020)
If Gross receipts or Total Turnover up to
2 Crore and Provision of 44 AD of Income Tax Act not followed (Presumptive Taxation)
30 Sept 2018, for Financial Year (2019-2020)

Means of Filing Tax Return
Paper Form Optional at the option of the assessee If Gross receipts or Total Turnover does not exceed Rs 1 Crore.
E-Form Optional at the option of the assessee If Gross receipts or Total Turnover does not exceed Rs 1 Crore. If Gross receipts or Total Turnover exceed Rs 1 Crore then mandatory E-filing.

ITR Form Prescribed by the Income Tax Department
ITR Form 4 Individual/HUF only. (deriving income from a proprietary business)
ITR Form 4S Individual/HUF only (deriving business income and suchincomeis computed in accordance with special provisions referred to insection 44AD and section 44AE of the Act for computation of business income)
ITR Form 3 Partner in firm. (Income chargeable toincome-tax under the head "Profits or gains frombusiness" does not include anyincomeexcept their incomeby way of any interest, salary, bonus, commission or remuneration, by whatever name called, due to, or received by him from such firm)

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Salaried

Every Individual having Gross Total Income above Rs 2,50,000 has to compulsory file Income Tax return. Exemption for salaried Individual- Income Tax department has exempted the Return filing for salaried person if their net taxable Income does not exceed Rs 500,000 however the exemption is available only in the case where the total Income includes Income only from Salary and saving Bank A/c interest up to Rs 10000.

If Total Income Includes :

Total Income If IncludesReturn Filing Compulsory
Business income Yes, (Even if the Total Income does not exceed
Rs 500,000)
Capital Gain Yes, (Even if the Total Income does not exceed
Rs 500,000)
Interest Other than saving bank
Interest(i.e.) interest On Fixed
Deposits, Interest on Bonds etc.
Yes, (Even if the Total Income does not exceed
Rs 500,000)
House Property Yes, (Even if the Total Income does not exceed
Rs 500,000)
Winning form lottery, Card games Yes, (Even if the Total Income does not exceed
Rs 500,000)

Due date of filing return of Salaried Individual is 31 July 2016, for the financial year (2015-16)

Means of Filing Tax Return
Paper Form Optional at the option of the assessee, If Income does not exceed
Rs 5 Lacs.
E-Form Optional at the option of the assessee upto income of Rs 5 Lacs.Madatory
E-filing if the Income exceed Rs 5 Lacs.

ITR Form Prescribed by the Income Tax Department
ITR Form 1 Individual/HUF only (Income from Salary, Income from House Property and income From other Sources)
ITR Form 2 Individual/HUF only (who cannot file ITR 1 and their total income does not include any income chargeable to Income Tax under the head “Profit & Gains From Business and Profession”

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