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Income tax filing is mandatory compliance to a person including Individual, Partnership firms, LLP, Company, etc. to report their total income during a financial year and tax liability arising on the same. This eases the Government to collect the tax and incur more expenditure for the public welfare and also calculate the growth of the nation. This also benefits the taxpayer/person filing the return in various ways mentioned below.
|ITR form||Eligible assessee|
|ITR-1|| A resident individual with |
|ITR-2|| Individual (Resident/Non-resident) or Hindu Undivided Family (HUF): |
|ITR-3|| An Individual, including a partner in a firm or Hindu Undivided Family (HUF): |
|ITR-4||Individual, HUF, a partnership firm (other than LLP) being a resident having business/professional income being computed on a presumptive basis.|
|ITR-5|| A person such as: |
|ITR-6||Every company, except those claiming exemptions u/s. 11 of the Income Tax Act, 1961.|
|ITR-7|| Persons including companies which are: |
|Type of Taxpayer (assess)||Due date|
|Hindu Undivided Family (HUF)||31st July|
|Body of Individual (BOI)||31st July|
|Association of Persons (AOP)||31st July|
|Businesses (liable for Tax audit)||30th September|
|Businesses (liable for TP reporting)||30th November|
A tax audit is examining accounts of business and profession carried by a taxpayer from an Income-tax perspective. Tax audit makes the income computation and tax calculation easier.
Business / Profession
|Conditions for applicability of Tax audit|
If taxpayer’s total sale/turnover/gross receipts during the relevant financial year
▪ exceeding Rs. 1 Crore
▪ exceeding Rs. 5 Crore (in case if 95% receipts and payments of total receipts and payments are made through banking channel)
|Business eligible for presumptive tax scheme u/s. 44AD, 44AE, AABB and 44BBB||A taxpayer claimed lower profits for his business than the profit computed under Section 44AD or 44AE or 44BB or 44BBB.|
|Profession||If a taxpayer’s turnover/gross receipts exceeds Rs. 50 lakhs during the relevant financial year.|
|Profession, eligible for presumptive tax scheme u/s. 44ADA||A taxpayer claiming lower profits for his profession than the profit computed under Section 44ADA|