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Type of Income Tax Return That Applies

  • ITR-1-Individuals with a single residential property and an annual income of less than Rs. 50 lakhs from pay or pension may utilize the ITR-1 form.

  • ITR-2 forms must be submitted by people who are NRIs, directors of corporations, shareholders of private enterprises, or who have income from capital gains, sources of income from outside the United States, two or more residential properties, or an annual income of more than Rs. 50 lakhs.

  • ITR-3 forms must be submitted by professionals and people running sole proprietorship businesses in India.

  • ITR-4 Taxpayers included in the presumptive taxation system are able to submit the ITR-4 form. The taxpayer's company or professional income cannot exceed Rs. 50 lakhs or Rs. 2 crores in order to be eligible for the programme.

  • ITR-5 form is required for submission by partnership firms, LLPs, associations, and groups of people to report their income and compute their taxes.

  • Companies with Indian company registrations must submit the ITR-6 form.

  • Entities claiming exemption like political parties, scientific research institutions, charitable/religious trusts, colleges or universities, etc. must file an ITR-7 form.

 

Income tax returns must be filed annually by all taxpayers, including NRIs, individuals, partnerships, LLPs, corporations, and trusts. If an individual's or NRI's annual income exceeds Rs. 2.5 lakhs, they must file an income tax return. No of how much money they make or lose, proprietorship and partnership businesses must file income tax returns. No matter their revenue or profit, all businesses and LLPs are obligated to file an income tax return.

 

Penalties for Filing Income Tax Returns Late

Taxpayers who do not submit their returns on time are subject to fines and interest on any late payments of taxes. Additionally, the fine for failing to file a tax return on time has lately gone up. The following is the current late filing fee for income tax returns:

  • Between August 1 and December 31, there is a 5000 rupee late filing fee.

  • If the amount of taxable income is less than Rs. 5 lakhs, there is a penalty of Rs. 10,000 for late filing after December 31.

Due date for filing a tax return

For individual taxpayers, the filing deadline for income tax returns is July 31st of each year. Companies and taxpayers that require a tax audit must file their income tax returns by September 30. Concerning tax audits under the Income Tax Act, see Section 44AD.

 

Business

If a company's gross sales or revenues in any prior year were more than Rs. 1 crore, a tax audit would be necessary.

 

Professional

If the gross income from a profession or professional exceeded Rs. 50 lakhs in any of the prior years, a tax audit would be necessary.

 

Scheme for Supposed Taxation

If someone is registered with the presumptive taxation programme under section 44AD? a tax audit would be necessary if total sales or turnover exceeded Rs. 2 crores.

For returns submitted between August 1 and December 31, the late filing penalty has been raised to Rs. 5000.

Most companies with a  revenue of over Rs. 1 crore and professionals with more than Rs. 50 lakhs in income are required to undergo tax audits.

In India, the ITR-1 is the most frequently used income tax form. Individuals with only a salary and one residential property as a source of income must file an ITR-1.

 

Principal Tax 

 

SECTION 80C Deduction

On amounts paid or deposited in PF, PPF, LIC premiums, National Savings Certificates, ULIPs, principal portions of housing loan repayment, tuition fees for children, term deposits in banks, deposits in Senior Citizen savings plans, and more, an income tax deduction of up to Rs. 1.5 lakhs may be claimed.

 

Chapter 80D Deduction

Individuals and HUF may claim a Section 80D deduction for payments made by check to medical insurance under the GI programme. Additionally, Section 80D allows for the deduction of up to Rs. 5000 in payments for preventative health examinations.

 

Chapter 80EE Deduction

Interest on a housing loan paid by the assesse through an EMI may be claimed as an additional deduction under Section 80EE. Section 80EE allows for a maximum deduction of Rs. 1 lakh. The loan amount cannot exceed Rs. 35 lakhs, and the property value cannot exceed Rs. 50 lakhs in order to qualify for the deduction on the first home loan.

 

The Section 80E Deduction

For the repayment of interest on loans obtained in consideration of larger deductions, persons may claim the deduction under Section 80E. In accordance with Section 80E, the amount of interest paid is deductible. The longest time frame for which this deduction may be used is 8 years, counting from the date the loan was returned or until the total debt was paid off, whichever comes first.

 

Deductions under Section 80G

Giving within the maximum of 10% of gross taxable income to specific funds and charitable organisations qualifies for the Section 80G deduction. The exemption that the fund is entitled to determines how much deduction is available. More than Rs. 2000 in cash deductions are not eligible for the Section 80G deduction.

 

Income Tax Credits

Taxpayers can reduce the amount of taxes they owe by taking advantage of various income tax deductions. To learn more about income tax deductions, read the page below or use the income tax calculator.

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Answers to frequently asked questions about filing personal tax returns

 

1. When must I file my personal tax returns?

Every year, income tax returns are required to be filed by individuals, NRIs, partnership businesses, LLPs, corporations, and trusts.

 

2. Who is responsible for submitting ITR-1?

Anyone with a yearly salary or pension of less than Rs. 50 lakhs and only one residential property may use the ITR-1 form.

 

3. Will I be penalized if I don't file my income tax returns?

Yes, taxpayers who fail to file their income tax returns on time will incur penalties and interest on any late payments of tax. Late filing now carries a higher fine.

 

4. Who is responsible for filing ITR-3?

Professionals or individuals running a sole proprietorship firm in India are required to submit an ITR-3 form.

 

5. What is ITR-5 filed for?

In order to record their revenue and compute their taxes, partnership firms, LLPs, associations, and groups of people must complete an ITR-5 form.

 

6. Who is responsible for filing ITR-2?

NRIs, directors of corporations, shareholders of private enterprises, and anyone with income from capital gains, income from overseas sources, two or more homes, or an annual income of more than Rs. 50 lakh must all file ITR-2 forms.

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