Online Income Tax Return Filing

Income Tax Return Filing:

• An income tax return is a form in which a taxpayer furnishes information about his total income and tax payable on that income. In the following cases online income tax return filing is compulsory:

• Any private, public, domestic or foreign company located and/or doing business in India whether having profit or loss or nil income.
• Any firm including LLP or Unlimited Liability Partnership
• Any resident having any asset located outside of India (might include any financial interest in any entity as well) OR any resident who retains signing an authority for an account based outside India whether or not having income chargeable to tax
• Individuals, HUF, AOPs or BOIs and artificial juridical persons having total income (or the total income of any other person in respect of which he is assessable under income tax act) during the previous year exceeds the basic exemption limit before giving effect to the provisions of Chapter VI-A

• Due date of Online income tax return filing:

• 30th September of A.Y. for: Company, a person other than a company whose accounts are required to be audited and a working partner of a firm whose accounts are required to be audited
• 31st July of A.Y. for: Any other assessee

• Where a person furnishes the return of income after the due date or does not furnish the return of income than the simple interest of 1% per month or part of the month is payable. However, if he has paid taxes in full on or before the due date interest is not levied.
• Where a person fails to furnish a return of income within the prescribed time limit he shall pay, by way of fee, a sum of-

1. Rs. 5000, if the return is furnished on or before the 31st December of the A.Y.
2. Rs. 10000 in any other case

• However, if the total income of the person does not exceed Rs. 5 lakhs, the fees payable shall not exceed Rs. 1000.

Income Tax Return Forms for Income Tax India e-filing:

• ITR 1? Applicable for individuals being a resident other than not ordinarily resident having Income from Salaries, one house property, other sources and having total income up to Rs.50 lakh
• ITR 2? Applicable for Individuals and HUFs not having income from profits and gains of business or profession
• ITR 3? Applicable for individuals and HUFs having income from profits and gains of business or profession
• ITR 4? Applicable for presumptive income from Business & Profession
• ITR 5? Applicable for persons other than Individual, HUF, Company and Person filing Form ITR?7
• ITR 6? Applicable for companies other than companies claiming exemption under section 11
• ITR 7? Applicable for those persons including companies who are required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4E) or 139(4F)
• ITR V? An acknowledgment of tax returns filed electronically without digital signature

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