Income Tax Return Filing
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Overview of Income Tax Return Filing (ITR Filing)
The income earned by the individuals and companies is subject to tax liability therefore, they have to file income tax return with the income tax department as per the provisions of Income Tax Act, 1961. The tax levied on the income is collected by the Central Government.
Type of Income Tax Return Filing Forms
- ITR 1 (Sahaj)For individuals earning income from salary, single house property, agriculture, & income from other sources. This form is to be filed by individual residents having total income up to Rs. 50 lakhs and agricultural income up to Rs. 5,000.Note Not applicable to individual being director in a company or has invested in unlisted equity shares or having foreign assets or foreign income.
- ITR 2For individuals and HUFs having earnings other than from PGBP (profits and gain of business or profession). It may be from capital gain, lottery, or foreign assets, etc. while total income should exceed Rs. 50 lacs. In case of agriculture income, it should exceed Rs. 5,000. Also, it is filed by those who invested in unlisted equity shares during the financial year.
- ITR 3For individuals and HUFs having earnings from profits and gains of business or profession. It also needs to be filed by the individuals having their income as a partner in a firm.
- ITR 4 (Sugam)For Individuals, HUFs, and Firms (other than LLP) being a Resident having entire Income of up to Rs.50 lakhs from business or Profession. It also covers those who have opted presumptive income scheme under Section 44AD, Section 44ADA and Section 44AE of the Income Tax Act.NoteNot applicable to individual director in a company or who has invested in unlisted equity shares
- ITR 5ITR 5 is filed by firms, LLPs, AOPs (Association of Persons), BOIs (Body of Individuals) etc.
- ITR 6ITR 6 is filed by companies other than those claiming exemption under section 11 (Income from property held for charitable or religious purposes).
- ITR 7It is required to be filed by those falling under section 139(4A) or section 139 (4B) or section 139 (4C) or section 139 4(D) that can either be individual or a company.
What are the Due Dates for FY 20-21?
| Taxpayer | Due Date |
| Assessee whose books of accounts are not required to be audited | 31st July |
| Assessee whose books of accounts are required to be audited | 30th September |
| Assessee whose accounts are not required to be audited (not having international/specified domestic transactions) | 31st October |
| Assessee having audited books of accounts and international/specified domestic transactions | 30th November |
Tax Rates
| Particulars | Tax Rate |
| When the turnover or gross receipt of the company does not go beyond Rs. 400 crores in the previous year | 25% |
| Company opted for section 115BA | 25% |
| Company opted for section 115BAA | 22% |
| Company opted for section 115BAB | 15% |
| Any other domestic company | 30% |
| In Case Of Co-Operative Society | |
| Income Up to Rs. 10,000 | 10% |
| Income from Rs. 10,001 to Rs. 20,000 | 22% |
| Income above Rs. 20,000 | 30% |
Slab Rates
| Annual Income | Slab Rate |
| Upto Rs. 2.5 Lakh | Exempt |
| Rs. 2.5 Lakh to Rs. 5 Lakh | 5% |
| Rs. 5 Lakh to Rs. 7.5 Lakh | 10% |
| Rs. 7.5 Lakh to Rs. 10 Lakh | 15% |
| Rs. 10 Lakh to Rs. 12.5 Lakh | 20% |
| Rs. 12.5 Lakh to Rs. 15 Lakh | 25% |
| More than Rs. 15 lakh | 30% |
Note* As per the financial bill 2020 for financial year 2020-21.
In order to claim above mentioned tax rates, following exemptions and deductions allowed / disallowed.
| Cannot Be Claimed Under New Tax Regime | Allowed |
| Deductions under chapter VIA | Contribution to pension account |
| Leave Travel Allowance | Transport allowance to handicapped |
| House Rent Allowence | Daily allowance given under certain conditions |
| Standard deductions of Rs. 50,000 | Travel allowance or transfer |
| Entertainment allowance / employment allowance / Professional tax | Interest can be claimed in respect of loan taken on a rented out property |
| Interest repayment on housing loan / Interest paid on education loan | Gratuity |
| Family pension | Lump sum pension (1/3rd will be exempt if gratuity received or ½ will be exempt if not received) |
| Losses cannot be set off from previous assessment year | leave encashment on retirement up to Rs. 3 lakh |
| Depreciation cannot be claimed | Interest and maturity amount from PPF and Sukanya Samriddhi |
| Medical insurance premium | Maturity proceeds from the life insurance policy |
| PF contribution, tution fee, life insurance premium or any other investment | Employer’s contribution to NPS, superannuation fund and EPF up to Rs. 7.5 lakh |
Surcharge
| Particulars | Rate |
| If total income exceeds Rs. 50 lakhs but not exceeding Rs. 1 Cr. | 10% of the income tax |
| If total income exceeds Rs. 1 crore but not exceeding Rs. 2 Cr. | 15% of the income tax |
| If total income exceeds Rs. 2 crore but not exceeding Rs. 5 Cr. | 25% of the income tax |
| If total income exceeds Rs. 5 crore | 37% of the income tax |
| Education cess | 4% of income tax plus surcharge |
Late Filing Fee for FY 2019 -2020</h2 class=”heading-font-style”>
Penalty For Late Income Tax Return Filing U/S 234F
| Due Date | Income Below Rs. 5 Lakhs | Income Above Rs. 5 Lakhs |
| 10th January 2021 | – | – |
| 10th January 2021 to 31st March 2021 | Rs. 1000 | Rs. 10,000 |
Recent Amendments
For Assessment Year 2020-21, CBDT has changed the eligibility conditions for filing form ITR-1 and form ITR-4.
- A taxpayer who is a joint owner of a house property is permitted to file form ITR-1 and form ITR-4 if the other conditions are met by the taxpayer.
- Form ITR-1 is valid for those individuals who have deposited in excess of Rs 1 crore in bank accounts or if they have incurred Rs. 1 lakh / Rs. 2 lakh on electricity or foreign travel, respectively.
What are the Benefits of ITR Filing?
- It makes tax payer eligible for loan processing.
- It helps in claiming TDS refund or any other tax paid in excess.
- Also, it allows carry forward of losses.
- It makes individual a responsible citizen.
- Helps in avoiding penalty provisions.
- Considered as a financial evidence for availing loan or visa.
- Helps government in keeping track of the income of taxpayer.
Who is Eligible to file an Income Tax Return?
- Individuals (Indian residents & NRI’s) – Necessary for those whose income is exceeding the prescribed limit.
- Sole Proprietors
- Companies
- LLPs and Partnership Firms(The ITR filing is compulsory for ‘Partnerships Firm’, ‘Sole Proprietorship Firm’, ‘Companies’, and ‘LLPs’ irrespective of their turnover, income, profit, or loss.)
- Individuals getting income from mutual funds, bonds, stocks, fixed deposits, income from interest, house property, etc.
- Individuals obtaining income from property under charitable trusts, religious trusts, or income from voluntary contributions, and also who want to claim tax refunds.
- Salaried persons whose gross income before deductions under section 80C to 80U exceeding the exemption limit.
- All individuals with foreign income and assets, NRI’s and technology professionals on onsite projects.
What Documents are required to file Income Tax Return?
- Copy & PAN of Aadhaar
- Address details
- Bank Account details
- Additional disclosures with reference to income from payroll & fixed deposits
- Data required for claiming deduction
- Data required regarding TDS return filing and advance tax payments
- Investment proof
- TDS certificate in Form 16
- Interest income certificate in Form 16A
- Form 26AS
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