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Respond to tax notice
The Income Tax Department can send notices under several sections of the Income Tax Act if any discrepancy is found in your Income Tax Returns (ITR). With the new stringent regime and quick turnaround time in the department, many people have been getting notices. The I-T Department could send you notices either by post or email. These notices could be for scrutiny, non-filing, delayed filing or filing of defective ITR, non-disclosure of income, tax credit mismatch in the ITR, or non-payment of Self Assessment Tax.
The income tax department has initiated a Non-filers Monitoring System (NMS) project to take a quick action on non-filers of income tax returns, with potential tax liabilities. The identified non-filers are informed by SMS, e-mails and letters in batches.
What Is Included In Our Package?
Procedure For Revised filing
Advantages Of Filing Income Tax Return
Who is liable to pay Income tax?
- Every person is liable to pay tax in India if his total income is more than the income notified by the government in the slab rates. Here, the definition of person includes :
- An Individual
- A Hindu Undivided Family (HUF)
- A Company
- A Firm
- An Association of Persons (AOP) or a Body of Individuals (BOI)
- A Local Authority
- Artificial Juridical Persons
Income Tax Return Types applicable to different Individuals
|ITR – 1 (Sahaj) – For individuals earning income from salaries, one house property, interest income, agriculture, other sources, etc.|
|ITR – 2 – For Individuals and HUFs having income other than from profits and gains of business or profession. It may be from capital gain, lottery or foreign assets, etc.|
|ITR – 3 – For individuals and HUF with income from profits of a business or profession.|
|ITR – 4 (Sugam) – For Individuals, HUFs and Firms (other than LLP) having presumptive business income tax returns. This is computed under sections 44AD, 44ADA or 44AE.|
|ITR – 5 – Entities other than,- (i) individual, (ii) HUF, (iii) company and (iv) person filing Form ITR-7|
|ITR – 6 – All companies except those that claim tax exemption as per Section 11.|
|ITR – 7 – Persons incl. companies required to furnish returns under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) only.|
What are the due dates for filing income tax return?
Type of Tax Payer
Persons whose accounts are required to be Audited u/s 44AB
Working Partner in a firm (where firm’s accounts are required to be audited)
Individuals, HUF,AOP,BOI etc. whose accounts are not required to be audited u/s 44AB
Frequently Asked Questions
Income tax is tax levied on the income of a person by the Government of India as per the provisions contained in the Income Tax Act 1961. It is levied on income earned during the year starting from 1 April and ending 31st March.
Every person is liable to pay tax in India if his total income is more than the income notified by the government in the slab rates. Here, the definition of person includes :
A Hindu Undivided Family (HUF)
An Association of Persons (AOP) or a Body of Individuals (BOI)
A Local Authority
Artificial Juridical Persons
There are basically two types of return which is to be filed by a professional, either ITR 4 if he chooses for the maintenance and audit of accounts else ITR 4S if he do not choose the same. So, if you are maintaining your books of accounts and getting your accounts audited then you need to file ITR-4 else you have to file ITR 4S using presumptive source of income.
Specified Profession include legal, medical, engineering, architectural, accountancy, technical, interior decoration, film artists, company secretary, information technology and authorised representatives profession.
Last date for filing the business and profession income return is normally 31st July of the Assessment Year but if you are required to get your accounts audited, then last date for filing of return of income is 30th September of Assessment Year
If you are engaged in a specified profession(specified in Q4), then you need to maintain the books of accounts if your gross receipts exceeds Rs. 1,50,000 in all the three years immediately preceding the previous year or if you are going to start a new business then gross receipts is likely to exceed Rs.1,50,000.
You can opt for presumptive source of income if your turnover or gross receipts is within the specified limits(given in Q6), or if you are engaged in a business of plying, hiring or leasing of goods/carriages, then you can opt for presumptive source of income.
You are required to get your accounts audited if your turnover or gross receipts exceeds Rs. 2 Cr.(in case of Business) and Rs. 50 lakhs(in case of profession).
You have to maintain books of accounts and get your accounts audited if you do not opt for presumptive source of income, thogh eligible
Previous Year is the financial year in which the income is earned. The income earned during this previous year is charged to tax in Assessment Year, which is the year after previous year. For example for the Income earned in Financial Year (Previous Year) 2016-2017 the assessment of tax is carried out in 2017-2018. Thus 2017-2018 is the Assessment Year.
You can file return in ITR-1 (Sahaj) if you are an Individual having :
Income from other sources
Income from up to one house.
Agriculture Income less than Rs. 5,000.
Total Income is less than Rs. 50 lakh.
You can file return in ITR-2 if you are an Individual or HUF having :
Income from items in ITR 1 which is more than Rs. 50 lakh.
Income from capital gains.
Agricultural Income more than Rs. 5,000.
Income from Business or Profession under a Partnership firm.
You can file return in ITR-3 if you are an Individual or HUF having :
Income from items mentioned in ITR 2.
Income from Business or Profession under a Proprietorship Firm.
You can file return in ITR-4 (Sugam) if you are an Individual or HUF having :
Section 44AD – Business (Deemed Profit-8% or 6%)
Section 44ADA –Profession(Deemed Profit-50%)
Section 44AE – Transporters (Deemed Profit- Rs. 7500/vehicle per month)
You can file return in ITR-5 if you are an Individual or HUF having :
Limited Liability Partnerships
Association of Person
Body of Individuals
Artificial Juridical Persons
Local Authority or Co-operative Society
If the income is below exemption limit then it is not mandatory to file the return but you may file the return as you cannot file the return for past years once the due date lapses. In addition, ITR is valid document for bank credit, housing loan etc.
Now the processing of return filed will be through Aadhaar Number, where, you can link your Aadhaar Number with your PAN and get rid of sending ITR V to CPC, Bangalore.
Yes, a person must have PAN in order to proceed for filing of income tax return.
Interest on tax due shall be paid. If the return is not filed up to the end of the assessment year, in addition to interest, a penalty of Rs. 5,000 shall be levied under section 271F.
There is an option to file Belated Return. It shall be filed within a period of one year from the end of the assessment year or before completion of the assessment, whichever is earlier. It is to be noted that Belated Return can be filed but interest and penalty shall be levied.
With an objective to give relief to small taxpayers having income from business or profession from maintaining books and accounts presumptive taxation scheme was introduced in Income Tax Act, 1961. This section gives exemption to taxpayers opting for this scheme from maintaining books, audit, paying quarterly advance tax. The scheme is framed under three section of Income tax act 1961:
- Section 44AD : For small taxpayers engaged in business other than business of plying, hiring or leasing goods carriages
- Section 44ADA: For small tax
If the income tax liability in any financial year is more than Rs. 10000 then, advance tax shall be paid in installments during the year itself.
The return can be submitted after due date u/s 139(4). An assessee who fails to file return within due date will have to pay interest u/s 234A.
The belated return can be filed on or before 31st March of the relevant Assessment Year.
If any error is discovered after the return is filed then return can be revised u/s 139(5). Revised Return of Income Tax can be filed by an assessee any time before the end of the relevant assessment year or before the completion of the assessment, whichever is earlier.
ITR presumptive taxation