Make yourself eligible for benefits.
If return is not filed within due date it will be called belated return Following is the due date of filing ITR
Category Due date of filing
Individual who are not required to be audited 31 July
Company or Individual whose accounts are required to be audited 30 September
Assesse required to furnish report u/s 92 E 30 November
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
Followings are the benefits of opting Presumptive scheme
Financial year is the year in which an income is earned, 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 required to file an income tax return. Additionally, a business entity registered as a company or firm is also required to file ITR
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 defined 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.
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 26 AS. It also contains details of advance tax or self-assessment tax paid.
A refund can be claimed by filing ITR. A person can claim the refund of tax which deducted in excess of actual tax liability. Particular of tax credit must be matched with 26 AS.
Best judgement assessment could be carried 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.
ITR Form 1 to Form 7 are available for a different type of entities and for a different type of income.
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