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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|
A resident individual with
Individual (Resident/Non-resident) or Hindu Undivided Family (HUF):
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.|
A person such as:
|ITR-6||Every company, except those claiming exemptions u/s. 11 of the Income Tax Act, 1961.|
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|
|Business / Profession||Conditions for applicability of Tax audit|
|Business||If taxpayer’s total sale/turnover/gross receipts during the relevant financial year
|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|
Non-taxable income is limited to Rs 2.5 lakh for individuals. You may be entitled to a Rs 2,500 refund under section 87A if your total income for FY 2018-19 is less than Rs 3.5 lacs. From FY 2019-20 onwards, the rebate for income under Rs 5 lakh has been raised to Rs 12,500.
As a result, starting in FY 2019-20, everyone earning less than 5 lakh will not have to pay any income tax. You won’t have to pay any taxes until you reach Rs 6.5 lakh if you have up to Rs 1.5 lakh in tax-saving investments under section 80C.
A new tax regime has been introduced by the Finance Minister for individuals and HUFs with an annual income of Rs. 15 lakh. It creates new tax brackets with lower tax rates and no deductions or exemptions (80C, 80CCC, 80D, 80G, mortgage interest and LTA, HRA, Standard deduction from salary, etc). The tax rates in the ‘New tax regime’ is the same for all categories of Individuals, i.e Individuals & HUF upto 60 years of age, Senior citizens above 60 years upto 80 years , and Super senior citizens above 80 years. Hence there is no increase in the basic exemption limit.
Individuals, HUFs, AOPs, and BOI taxpayers are taxed based on their income slab, while firms and Indian companies have a fixed rate of tax computed on their profits. Income is grouped into tax brackets or tax slabs, and the tax rates vary depending on the tax slab.