File. Smile.

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

1. Simplification of return
2. Less Compliance burden
3. Payment of advance tax once
4. Not compulsory maintenance of Book of Accounts

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

• Single proof of income and creates financial history
• Income Tax Assessment order works as an address proof.
• It is mandatory for obtaining loan and credit facilities by the bank.
• ITR is required for Visa processing.
• In case excess deduction of TDS/TCS refund can be obtained by filing ITR.
• To carry forward business losses, it is mandatory to file ITR within the due date
• Insurance companies ask for ITR for buying a high life cover.

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.

• ITR-1 For individuals being a resident other than not ordinarily resident having Income from Salaries, one house property, other sources (Interest etc.) and having total income up to Rs.50 lakh
• ITR-2 For Individuals and HUFs not having income from profits and gains of business or profession.
• ITR-3 For individuals and HUFs having income from profits and gains of business or profession.
• ITR-4 For presumptive income from Business & Profession.
• ITR-5 For persons except:

1. Individual,
2. HUF,
3. Company and
4. Person filing Form ITR-7

• ITR-6 For Companies other than companies claiming an exemption under section 11.
• ITR-7- For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4E) or 139(4F)

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