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Income tax return (F)

The Income Tax Act, 1961, and the Income Tax Rules, 1962, obligates citizens to file returns with the Income Tax Department at the end of every financial year. These returns should be filed before the specified due date. Every Income Tax Return Form is applicable to a certain section of the Assesse. Only those Forms which are filed by the eligible Assesses are processed by the Income Tax Department of India. It is therefore imperative to know which particular form is appropriate in each case. Income Tax Return Forms vary depending on the criteria of the source of income of the Assesse and the category of the Assesse.

Return of Income

The procedure under the Income-tax Act for making an assessment of income begins with the filing of a return of income. Section 139 of the Act contains the relevant provisions relating to the furnishing of a return of income. According to that section, it is statutorily obligatory for

  1. every person being a company or a firm or
  2. being a person other than a company or firm to furnish a return of his total income or the total income of any other person in respect of which he is assessable under the Income-tax Act, in all cases where his total income or the total income of any other person for which he is liable to be assessed before claiming any deduction under chapter VI-A exceeds and before claiming exemption benefits under sections 54, 54B, 54D, 54EC, 54F, 54G, 54GA and 54GB, in any relevant previous year, the maximum amount which is not chargeable to income-tax.

It should be obligatory for the firm or Company to file return of income in every case. Further, in respect of individual, HUF, AOP, BOI, Artificial juridical Person, filing of return of income shall be compulsory if their total income before allowing deductions under sections 10A, 10B,10BA or chapter VI-A exceeds the maximum amount which is not chargeable to income tax.

Due date for filing return of income

The assesse is obliged to voluntarily file the return of income without waiting for the notice of the Assessing Officer calling for the filing of the return.

The due date for filing of the return by an assessee if his total income of any other person in respect of which he is assessable exceeds the maximum amount not chargeable to tax, shall be as follows :

31st day of October of the Assessment Year, where the assesse is –

  • a company,
  • a person, other than a company whose accounts are required to be audited under the Income-tax Act or any other law, for the time being in force,
  • a working partner of a firm whose accounts are required to be audited under this Act or under any law for the time being in force.
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Individuals who fulfil any one of the following conditions should by law file their Income Tax Returns during a financial year:

  1. People whose gross total income (before any deductions exceeds ₹2.5 lakh in FY or ₹3 lakh for senior citizens or ₹5 lakh for super senior citizens).
  2. Companies or firms irrespective of whether you have income or loss during the financial year.
  3. Those who want to claim an income tax refund.
  4. Those who want to carry forward a loss under a head of income.
  5. Resident individuals who have an asset or financial interest in an entity located outside of India. (Not applicable to NRIs or RNORs).
  6. Residents and signing authorities in a foreign account. (Not applicable to NRIs or RNORs).
  7. Those who derive income from property held under a trust for charitable or religious purposes or a political party or a research association, news agency, educational or medical institution, trade union, a not for profit university or educational institution, a hospital, infrastructure debt fund, any authority, body or trust.
  8. Foreign companies taking treaty benefit on a transaction in India.
  9. NRIs, who have income that exceeds ₹2.5 lakh in FY which is earned or accrued in India, are required to file an income tax return in India.

Basic

INR 1,500/-

One Time Fee

  • GST Registration
  • MSME Registration
  • Bank A/c.

Service Provide Within 7 Days

Standard

INR 11,999/-

One Time Fee

  • GST Registration
  • Shop & Establishment Registration
  • MSME Registration
  • Trade Mark Registration
  • Logo Design
  • Opening Bank A/c.

Service Provide Within 15 Days

Premium

INR 11,999/-

Yearly Fee

  • Yearly GST Compliances
  • Income Tax Return

Services Provided Before the Due Date

Frequently Asked Questions

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