The Rights of the Deceased: Moral Rights Incidental to Copyright Law
- Vanshika Agrawal
- 2024-04-25
The income earned by individuals and businesses is subject to tax. The tax levied on the income of a person is Income tax, which is levied and collected by the Central Government. Such tax on income earn is payable in the same financial year wherein it is accrue in the form of advance tax. But the intimation and calculation of the income as well the tax liability is provide in the Assessment Year. This intimation form is call Income Tax Return. The form and time limit for filing ITR is different for different taxpayers based on the criteria.
Income Tax Return forms are recently modify, to simplify the user experience. But through these new or modified schedules, it is apparent that taxpayers are responsible to prove a claim of expenses, exemptions and deductions. Hence, online filing of income tax return requires assistance from experienced professionals to make sure the correct filing of your return.
Fine procedure attracts no fine.
Contents hide
1 Eligibility for loan, business, Govt. Service and contribution to the nation
4 Why LawDocs?4.1 Due date of filing of return of income:
5 SC upholds linking of Aadhaar number with PAN[2]
5.1 while testing the validity of any legislation:
7.1 The Return Form can be file with the Income-tax Department in any of the following ways, –
The Supreme Court[1] has said that linkage of PAN with Aadhaar is mandatory for filing of Income Tax returns (ITR). A bench comprising Justices A K Sikri and S Abdul Nazeer decided the matter and upheld section 139AA of the Income Tax Act. The court’s direction came on an appeal filed by the Centre against a Delhi High Court order allowing two persons, Shreya Sen and Jayshree Satpute, to file Income Tax returns for 2018-19 without linking their Aadhaar and PAN numbers. “The aforesaid order was passed by the High Court having regard to the fact that the matter was pending consideration in this Court. Thereafter, this Court has decided the matter and upheld the vires of section 139AA of the Income Tax Act. In view thereof, linkage of PAN with Aadhaar is mandatory,” the bench said.
Further simplified by LawDocs, the process is:
Bank statement, receipts and details of investment
Filing made simple.
An Income tax return is a predefined format in which the taxpayer submits information about his income. Tax liability is calculated through this form. Several forms ranging from ITR-1 to ITR-7 are made available for the income tax department
| Sr. No. | Status of the Taxpayer | Due Date |
| 1 | Any company other than a company who is required to furnish a report in Form No. 3CEB under section 92E (i.e. other than covered in 2 below) | October 31 of the assessment year |
| 2 | Any person (may be corporate/non-corporate) who is required to furnish a report in Form No. 3CEB under section 92E | November 30 of the assessment year |
| 3 | Any person (other than a company) whose accounts are to be audited under the Income-tax Law or under any other law | October 31 of the assessment year |
| 4 | A working partner of a firm whose accounts are required to be audited under this Act or under any other law. | October 31 of the assessment year |
| 5 | Any other assessee | July 31 of the assessment year |
Note:
To provide relief during the COVID-19 pandemic, the Finance Minister, Smt. NirmalaSitharaman, had announced extension of due dates for filing of Income-tax Return for the AssessmentYear 2020-21, during a press conference held on May 13, 2020.
If return is not filed within due date it will be called belated return and penalty shall be levied as mentioned herein.
| Penalty U/s 234F | |
| If income upto 5 Lac | Late Fees- 1000 |
| In Income is more than 5 Lac and ITR is filed Upto 31 December | Late Fees-5000 |
| In Income is more than 5 Lac and ITR is filed After 31 December and upto 31 March | Late Fees-10000 |
When filing your ITR it is extremely important to link PAN with Aadhaar unless the tax-payer is exempted from doing so under certain cases such as:
The Finance Act, 2017 inserted a new section 139AA in the Income-tax Act, 1961. With effect from July 1, 2017 this provision requires every eligible person to link the Aadhaar no. with PAN and quote the Aadhaar number in the Income-tax return. If any person does not possess the Aadhaar Number but he has applied for the Aadhaar card then he has to quote Enrolment ID of such Aadhaar application in the ITR.
The Supreme Court had already upheld the validity of Section 139AA by repelling the contention raised on Articles 14 and 19 of the Constitution of India.[3]. However, Section 139AA was not examined in the context of privacy rights enshrined in Article 21 of the Constitution.
The Supreme Court in another case[4] held that, though privacy is a fundamental right, yet it is not an absolute right and is subject to certain limitations. The following are the triple tests that need to be satisfied for judging the permissible limits for an invasion of privacy
a) Existence of a law
b) Legitimate State interest
c) Test of Proportionality
The first requirement stands satisfied as section 139AA is a statutory provision and, therefore, there is a backing of law. Insofar as requirement of ‘legitimate State interest’ is concerned, Section 139AA seeks to safeguard the following interest:
“To prevent income tax evasion by requiring, through an amendment to the Income Tax Act, that the Aadhaar number be link with the PAN.”
Regarding the aspect of proportionality, there was a specific discussion on that aspect in Binoy Viswam’s cas[5] as well. Therefore, the provision of Section 139AA has successfully met the triple test of the right to privacy.
Financial year is the year in which an income is earn, and the assessment year is the year following the financial year in which evaluation of income is done.
An individual with income exceeding the minimum exemption limit are require to file an income tax return. Additionally, a business entity register as a company or firm is also require to file ITR.
ITR Form 1 to Form 7 are available for a different type of entities and for a different type of income.
E-filing can be done from any place at any time and it saves time and efforts. It is simple, easy and faster. The e-file returns are generally process faster as compare to returns filed manually.
ITR return forms are attachment less forms and, hence, the taxpayer is not required to attach any document (like proof of investment, TDS certificates, etc.) along with the return of income (whetherfiled manually or filed electronically). However, these documents should be retain by the taxpayer and should be produce before the tax authorities when demand in situations like assessment, inquiry, etc.
If you have sustained a loss in the financial year, which you propose to carry forward to the subsequent year for adjustment against subsequent year(s) positive income, you must make a claim ofloss by filing your return before the due date.
Best judgement assessment could be carry out by an assessing office on the basis of relevant material with their disposal. Such a situation may arise in case of non-filing of the income tax return.
Individual HUF and partnership firm can opt for presumptive scheme. The presumptive scheme is basically for the small taxpayer. Limit for professional and business is define separately under Sec 44ADA and 44AD. Businesses whose gross receipt is up to 2 crores can pay tax on 8% or 6% of the gross receipts as the case may be.
For professional covered under Section 44ADA having gross receipts up to Rs 50 lakhs can choose presumptive scheme. Income chargeable to tax will be 50% of gross receipts.
Followings are the benefits of opting to Presumptive scheme:
26AS is a consolidated statement which shows details of TDS/TCS deducted and deposited deductor wise. Before making any claim of TDS or TCS in the income tax return, details must be cross verified from 26AS. It also contains details of advance tax or self-assessment tax paid.
A refund can be claim by filing ITR. A person can claim the refund of tax which is deduct in excess of actual tax liability. Particular of tax credit must be match with 26AS.
[1] Union of India and Others v. Shreya Sen and Another2019 SCC OnLine SC 1762
[2] Justice K.S. Puttaswamy (RETD.) v. Union of India [2018] 97 taxmann.com 585 (SC).
[3] Binoy Viswam v. Union of India [2017] 82 taxmann.com 211 (SC).
[4] K S Puttaswamy v. Union of India writ petition (civil) no 494 of 2012.
[5] Supra note 3.
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