Income tax filing is a process of Computation of tax liability in form of a direct tax on total income earned during a financial year and filing the same using relevant Income Tax Return form (ITR Form). Not all person are liable to file Income tax returns, similarly not all person filing Income-tax returns are liable to pay tax. we will be assisting you with all your Income tax-related compliance. Get in touch with us today.
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
● total income up to Rs. 50 Lakhs &,
● having income such as salary, house property, income from other sources, agricultural income up to Rs. 5,000/-
Individual (Resident/Non-resident) or Hindu Undivided Family (HUF):
● having income more than Rs. 50 lakhs,
● being a Director in a Company,
● holding unlisted equity shares,
● having income from any source other than the business income,
● Income sources outside India or holding assets outside India.
An Individual, including a partner in a firm or Hindu Undivided Family (HUF):
● having income from a profession,
● having a Business income.
|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:
● Partnership Firms (other than presumptive income),
● Local authorities and artificial judicial persons,
● Body of Individuals (BOIs),
● Co-operative Societies,
● Limited Liability Partnerships (LLPs),
● Association of Persons (AOPs)
● Not filing ITR-7
|ITR-6||Every company, except those claiming exemptions u/s. 11 of the Income Tax Act, 1961.|
Persons including companies which are:
● Charitable or religious trust,
● A political party or scientific research association,
● News agency,
● Trade union,
● University or college
● Other institutions, such as NGOs or other similar organizations.
|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|