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INCOME TAX RETURN

Income Tax Return is the form in which assessee files information about his/her

Income and tax thereon to Income Tax Department. Various forms are ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 and ITR 7. When you file a belated return, you are not allowed to carry forward certain losses.

Income Tax Department

  • 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.[2] These returns should be filed before the specified due date. Every Income Tax Return Form is applicable to a certain section of the Assessees. Only those Forms which are filed by the eligible Assessees 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 Assessee and the category of the Assessee.

Filing of income tax returns: obligation by law

  • Individuals who fulfil any one of the following conditions should by law file their Income Tax Returns during a financial year:

     

    • 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).
    • Companies or firms irrespective of whether you have income or loss during the financial year.
    • Those who want to claim an income tax refund.
    • Those who want to carry forward a loss under a head of income.
    • Resident individuals who have an asset or financial interest in an entity located outside of India. (Not applicable to NRIs or RNORs).
    • Residents and signing authorities in a foreign account. (Not applicable to NRIs or RNORs).
    • 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.
    • Foreign companies taking treaty benefit on a transaction in India.
    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.

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