income TAX
income TAX
An income tax is a tax that governments impose on income generated by businesses and individuals within their jurisdiction. By law, taxpayers must file an income tax return annually to determine their tax obligations
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INCOME TAX RETURN FILLING REQUIREMENT
INCOME TAX RETURN FILLING REQUIREMENT
Every person with gross total income exceeds rs. 250000/- (Before Deductions) is compulsory require to file Income Tax Return with IT Department.
For senior citizen(above 60 years) above mentioned limit is 300000/- and for super senior citizen(above 80 years) limit is 500000/-
Return also mandatory to file in some other circumstances as mentioned in IT ACT like if wants to claim refund, carry forward losses, financial interest in assets located outside India etc.
RETURN FILLING YEAR
RETURN FILLING YEAR
Every year period starting from 01 april to 31 march is considered as year for filling of Income tax return.(called as Previous year) and return of previos year to be filed in next year (called as assesssment year)
Last Dates to file ITR is prescribed by Government in different categories (Audit/Non Audit)
WHICH RETURN TO BE FILED FOR WHICH SOURCE OF INCOME ?
WHICH RETURN TO BE FILED FOR WHICH SOURCE OF INCOME ?
1. Salary Income : If any person earns salary income than ITR-1 must file if his/her salary exceed prescribed limits.
2.Business Income : If any person earns from business than will file ITR-3 or ITR-4 depending upon scemes of presumptive taxation opted or not.
3. Other Income : All other income can be shown in above returns with salary or business income.
4. For Companies : ITR -6 is to be filed by all companies with any income.
5. For partnership Firm : ITR -5 is to be filed by Partnership firm with any income.
6. For Trust/AOP/BOI- ITR-7 is to be filed with IT Department.
DOCUMENTS REQUIREMENT
DOCUMENTS REQUIREMENT
1. PAN Card of Assessee.
2. Aadhar of Assessee.
3. Bank account Details of Assessee.
4. Income proof and deduction proof (if applicable).
5. books of accounts ( If maintain)
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