Tax Returns in India
Overall Rating:  [0/5]Total Votes [ ] |
|
Tax returns in India are the necessary documents that you need to submit to the concerned authorities when your income has been deemed taxable. In India, income tax is a form of direct tax, which is imposed on individuals, Hindu Undivided Families (HUFs), and corporate enterprises.
About Tax Returns in India
To be precise, income tax represents the direct tax levied on your income that you pay to the Government of India. When the overall amount of your income from all sources surpasses the limit, which is not taxable, then you have to file tax returns in India. One or two years back, section 139(1) of the Income Tax Act was modified with the intention of drawing a higher number of individuals to the tax net. Currently, if any individual satisfies any of the following prerequisites:
The slabs for filing returns differ, and they are dependent on the total amount of income received throughout a financial year and the different deductions for which the person /company is entitled for. If you are an assessee who is receiving income mostly from salaries, the due date for filing the return is usually July 31 of the assessment year, if not stretched by the Department of Income Taxes in India.
Different types of tax returns in India
Given below are the different types of returns to be filed by individuals and their uses:
Given below are the due dates for filing returns by different entities:
Companies and HUF - the due date is September 30 of the assessment year (for example, for financial year 2009-2010 that is 01-Apr-2009 to 31-Mar-2010, the due date is 30-Sep-2010)
Individuals- the due date is July 31 of the assessment year
A person other than a company whose accounts are needed to be audited under the Income Tax Act or any other law - the due date is September 30 of the assessment year
A working partner of a firm whose accounts are needed to be audited under the Income Tax Act or any other law - the due date is September 30 of the assessment year.
Even if the individual can't file return of income by due date, he can still file return upto 31st March of the following financial year.
While filing the return, you have to mention your PAN (permanent account number) on it. You can also file it electronically through agencies that are permitted to function as e-return intermediaries.
To be precise, income tax represents the direct tax levied on your income that you pay to the Government of India. When the overall amount of your income from all sources surpasses the limit, which is not taxable, then you have to file tax returns in India. One or two years back, section 139(1) of the Income Tax Act was modified with the intention of drawing a higher number of individuals to the tax net. Currently, if any individual satisfies any of the following prerequisites:
- Owns a car
- Lives in a particular floor area of an immovable property
- Incurs expenses for himself or for any other individual on overseas trip
- Is a telephone subscriber
- Is a credit card subscriber
- Is a member of a reputed club
The slabs for filing returns differ, and they are dependent on the total amount of income received throughout a financial year and the different deductions for which the person /company is entitled for. If you are an assessee who is receiving income mostly from salaries, the due date for filing the return is usually July 31 of the assessment year, if not stretched by the Department of Income Taxes in India.
Different types of tax returns in India
Given below are the different types of returns to be filed by individuals and their uses:
| Form No. | Applicability |
| ITR 1 | intended for individuals, who make a) Income from salary b) Income from interest (exempt /taxable) c) Income from cultivation activities d) Family pension Put differently, this form is not relevant in the following circumstances: a) Individual receiving any income (exempt/ taxable) barring the sources listed above b)Any carried forward loss of previous years c) Any income of other individual to be incorporated |
| ITR 2 | HUF / Individuals not getting any income as a result of running business/profession or because of being a partner in a partnership firm. |
| ITR 3 | HUF/Individuals who are partners in a partnership firm and do not run any other separate profession/business. |
| ITR 4 | Individuals /HUF who is running a profession/business in the name of a proprietary firm. |
Due dates for filing tax returns in India
Given below are the due dates for filing returns by different entities:
Companies and HUF - the due date is September 30 of the assessment year (for example, for financial year 2009-2010 that is 01-Apr-2009 to 31-Mar-2010, the due date is 30-Sep-2010)
Individuals- the due date is July 31 of the assessment year
A person other than a company whose accounts are needed to be audited under the Income Tax Act or any other law - the due date is September 30 of the assessment year
A working partner of a firm whose accounts are needed to be audited under the Income Tax Act or any other law - the due date is September 30 of the assessment year.
Even if the individual can't file return of income by due date, he can still file return upto 31st March of the following financial year.
While filing the return, you have to mention your PAN (permanent account number) on it. You can also file it electronically through agencies that are permitted to function as e-return intermediaries.
| >> More About India Tax |
India Tax Structure
India Tax Information
