INCOME TAX RETURN (INDIA)

 RETURN OF INCOME-FILE INCOME TAX RETURN (INDIA)

Who files returns?

Every Person

·         Being a company or a firm.

·         Being a person other than a Company or a firm.

If his total income exceeding a basic exemption (2.5lacs >) then he furnished a return of income on or before the due date specified in section 139(1).

6^th Proviso of section 139(1)

The total income of any other persons in respect of which he is assessable under this act.( i.e., section 163 agent of nonresident/ guardian of a minor child)  this income without the given effect of this section 54 to 54 GB & Chapter VI A ( deduction u/s 80C to 80U) during the previous year exceed the basic exemption limit then he furnished a return on or before the due date, in the prescribed form & verified in the prescribed manner and setting forth such other particulars as may be prescribed section 139(1).

When to file a return compulsory?

Any Person, being a resident shall furnish a return within the due date as specified in sec 139(1) in respect of INCOME or LOSS for the previous year.

4^th proviso to section 139(1)

If the assessee is satisfied the following conditions then the assess furnished a return within the due date, even that  If the total income does not exceed the basic the exemption, or does not have any taxable income.

The Following Conditions are:-

·         Holds, beneficial the owner or otherwise any asset (including any financial interest in any entity) located outside India.

·         Signing authority in any account located outside India. 

·         Beneficiary of any assets located outside India.

 

5^th proviso to section 139(1)

An individual is a beneficiary of any assets located outside India, where, income, if any arising from such assets is includible in the income of the person.

Example: -

A and B are husband and wife and A (husband) which is property is located outside India and this assets are gifted to his (B) wife, and this asset is in the name of the wife and not the legal document or not transfer the ownership, then the income of this property should be clubbed or included on the husband income referred above in accordance with the provision of this act.  

5th proviso to section 139(1)

7^th proviso to section 139(1)

A person other than FIRM or COMPANY, his total income does not exceed the basic exemption or does not have any taxable income then it’s not required to furnish a return as per aforesaid provision, who during the previous year:-

1.       Deposited total amount exceeding ( >1 crore) in one or more accounts maintained with the banking co. or a co-operative bank,

2.        Incurred a total expenditure for travel to a foreign country exceeding (>2 lacs) for himself or any other person,

3.        Incurred a total expenditure for the consumption of electricity exceeding (>1 lacs),

4.       Fulfills such other conditions as may be prescribed.

 During the previous year any of the above conditions are satisfied then he required to furnish a return on or before the due date in such form and verified in such the manner and setting forth such other particulars, as may be prescribed.

 

FORMS – RETURN OF INCOME

Rule 12 provides the following form for filing  return of income for different assessee:-

ITR-1 (Sahaj)

Who is eligible to use this return form ITR-1

·       For individuals having INCOME FROM SALARIES,

·       One HOUSE PROPERTY,

·       OTHER SOURCES – INTEREST ( does not have any loss under the head ) etc.

 Having total income up to Rs50,00,000/-

 But except winning form the lottery or income from horse race

This form ITR-1 ( Sahaj) is not be used

·         for an individual who is either  Director in a company,

·         invested in unlisted equity shares,

·         has any brought forwards/carry forwards loss under the head INCOME FROM HOUSE PROPERTY,

·         has to furnish a return under 7^th proviso to section 139(1) of the income tax act,

·         has agricultural income exceeding Rs5000/-,

·         all the condition of 4^th proviso to section 139(1),

·         has claimed any relief of tax u/s 90 or 90A or deduction of tax u/s 91,

·         has taxable income u/s 115BBDA,

·         has an income of nature referred to in sec.115BBE.

Click the below link and download the income tax return for excel or XML format

                  (CTR+click the below link)

https://www.incometaxindiaefiling.gov.in/downloads/incomeTaxReturnUtilities?lang=eng

 

 

ITR-2

Who is eligible to use this return form ITR-2

·         For Individuals and HUFs  not carrying out BUSINESS OR PROFESSION under any proprietorship.

 

Click the below link and download the income tax return for excel or XML format

(CTR+click the below link)

https://www.incometaxindiaefiling.gov.in/downloads/incomeTaxReturnUtilities?lang=eng

 

 

ITR-3

Who is eligible to use this return form ITR-3

·       For Individuals and HUFs having income from  BUSINESS OR PROFESSION.

 

Click the below link and download the income tax return for excel or XML format

(CTR+click the below link)

 https://www.incometaxindiaefiling.gov.in/downloads/incomeTaxReturnUtilities?lang=eng

 

                                        

                            ITR-4 ( sugam)

Who is eligible to use this return form itr-4 ( sugam)

·         For the PRESUMPTIVE INCOME from business or profession,

 

This form ITR-4 ( sugam) is not be used

·         for an individual who is either  Director in a company,

·         invested in unlisted equity shares,

·         has any brought forwards/carry forwards loss under the head INCOME FROM HOUSE PROPERTY.

·         has to furnish a return under 7^th proviso to section 139(1) of the income tax act,

·         has agricultural income exceeding Rs5000/-,

·         all the condition of 4^th proviso to section 139(1),

·         has claimed any relief of tax u/s 90 or 90A or deduction of tax u/s 91,

·         has taxable income u/s 115BBDA,

·         has an income of nature referred to in sec.115BBE.

 

Click the below link and download the income tax return for excel or XML format

(CTR+click the below link)

https://www.incometaxindiaefiling.gov.in/downloads/incomeTaxReturnUtilities?lang=eng

 

ITR-5

Who is eligible to use this return form ITR-5

·         This Form can be used by a person being a firm, Limited Liability Partnership (LLP), Association of Persons (AOP)/ Body of Individuals (BOI)/ Artificial Juridical Person (AJP) / local authority/ representative assessee referred to in section 160(1)(iii) or (iv)/ cooperative society/ society registered under Societies Registration Act, 1860 or under any other law of any State/ trust.

 This form ITR-5 is not be used

·         Individual

·         Huf

·         Company

·         Person filing form itr-7

 

Click the below link and download the income tax return for excel or XML format

(CTR+click the below link)

https://www.incometaxindiaefiling.gov.in/downloads/incomeTaxReturnUtilities?lang=eng

 

ITR-6

Who is eligible to use this return form ITR-6

·         For COMPANIES,

 

This form ITR-5 is not be used

·         Companies claiming exemption u/s11.

 

Click the below link and download the income tax return for excel or XML format

(CTR+click the below link)

https://www.incometaxindiaefiling.gov.in/downloads/incomeTaxReturnUtilities?lang=eng

ITR-7

Who is eligible to use this return form ITR-7

·                  For persons including companies required to furnish return u/s 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4F)

 

Click the below link and download the income tax return for excel or XML format

(CTR+click the below link)

https://www.incometaxindiaefiling.gov.in/downloads/incomeTaxReturnUtilities?lang=eng

 

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TDS RATES CHART F.Y. 2020-2021 FOR A.Y.2021-2022

TDS

 TDS RATES CHART F.Y. 2020-2021 

FOR A.Y.2021-2022

TDS STAND FOR (TAX DEDUCTED AT SOURCE)

Tds rates/ TDS, It is a measure, in which individuals who are making installment of pay are capable to deduct charges from such income ( at explicit rates) and pay just the net sum. Expense so deducted called TDS will be stored with the Government's depository inside the specified time. The payer will give a declaration in FORM 16 OR FORM 16A. To the payee and the payee will get Credited for TDS and his duty obligation will be diminished to that degree. In nutshell, the arrangements are only a method of an assortment of annual expense and a beware of tax avoidance through legitimate control and data.

 

Structure 16 OR FORM 16A:- ALL DEDUCTORS (INCLUDING GOVERNMENT DEDUCTORS WHO DEPOSIT TDS IN THE CENTRAL GOVERNMENT ACCOUNT THROUGH BANK ENTRY) SHALL ISSUE TDS CERTIFICATE GENERATED THROUGH TIN CENTRAL SYSTEM AND WHICH IS DOWNLOADED FROM THE TIN WEBSITE WITH A UNIQUE TDS CERTIFICATE NUMBER.

The few arrangements in the represent TDS BEING DISCUSSED IN TDS CHART

TDS Rates chart for the F.Y. 2020-21

Tds Rates chart page 1 Click here to download

Tds Rates chart page 2 Click here to download

Tds Rates chart page 3 Click here to download

 

Articles

•             Quicker acknowledgment of expense.

•             Effective acknowledgment of expense

 

AS PER PROVISION OF SECTION 206AA, IF RESIDENT PAYEE FAILS TO PROVIDE HIS PAN, TAX IS REQUIRED TO BE DEDUCTED AT THE RATE MENTIONED IN RESPECTIVE SECTION OR 20% WHICHEVER IS HIGHER.

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TDS RATES CHART F.Y.2019-2020 FOR A.Y.2020-2021

TDS 

TDS RATES CHART F.Y.2019-2020

FOR A.Y. 2020-2021

TDS STAND FOR (TAX DEDUCTED AT SOURCE)

WHAT IS TDS ?

TDS Rates: It is a measure, in which a person who is making payment of income is responsible to deduct tax from such income ( at specific rates) and pay the only the net amount. Tax deducted at source (TDS) shall be deposited with the Government‘s treasury within the time period. The payer will issue a certificate in FORM 16 OR FORM 16A. The payee will get credited for TDS & his tax liabilities shall be reduced to that extent. The provisions are a mode of collection of income tax and a check on tax evasion through proper control & information.

FORM 16 OR FORM 16A:- ALL DEDUCTORS (INCLUDING GOVERNMENT DEDUCTORS WHO DEPOSIT TDS IN THE CENTRAL GOVERNMENT ACCOUNT THROUGH BANK ENTRY) SHALL ISSUE TDS CERTIFICATE GENERATED THROUGH TIN CENTRAL FRAMEWORK WHICH IS DOWNLOADED FROM THE TIN WEBSITE WITH A UNIQUE TDS CERTIFICATE NOS.

 TDS RATES CHART FOR THE F.Y.2019-20 

Tds Rate Chart Page 1 Click Here to download

Tds Rate Chart Page 2 Click Here to download

Tds Rate Chart Page 3 Click Here to download

OBJECTS

·         Quicker realization of tax.

·         Effective realization of tax

The several provisions in the act for TDS BEING DISCUSSED IN TDS CHART

AS PER PROVISION OF SECTION 206AA, IF RESIDENT PAYEE FAILS TO PROVIDE HIS PAN, TAX IS REQUIRED TO BE DEDUCTED AT THE RATE MENTIONED IN RESPECTIVE SECTION OR 20% WHICHEVER IS HIGHER.

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TDS UNDER SECTION 194E,194LB, 194LBA OF INCOME TAX ACT

 TDS U/S 194E,194LB, 194LBA OF INCOME TAX ACT

Section 194E TDS ON PAYMENT TO NON RESIDENT SPORTSMAN OR NON RESIDENT SPORT ASSOCIATIONS

Sec 194E-Non Resident Sportsman 

Sportsman or entertainer being a non resident foreign citizen participate in INDIA in any GAMES or SPORTS/ ADVERTISING/ CONTRIBUTION OF ARTICLES relating to any games or sports IN ANY NEWSPAPER/MAGAZINE OR JOURNAL. And any  income is to be received by the SPORTSMAN that income shall be DEDUCT A TDS @20% ( + surcharge + Health + Education Cess) and SPORTS ASSOCIATION being a non resident is organised a SPORTS OR ANY GAMES IN INDIA then the SPORTS ASSOCIATION received the income that  income shall be liable to pay a TDS RATES @20%( + surcharge + Health + Education Cess). And when tax shall be deducted: - AT THE TIME OF PAYMENT OR CREDITING THE PAYEE WHICHEVER IS EARLIER.

Section 194LB TDS ON INTEREST FROM INFRASTRUCTURE DEBT FUND

Sec 194LB-Infrastructure Debt Fund

NON RESIDENT/ FOREIGN COMPANY  received the interest income from the INSFRASTUTURE BEDT FUND,  then INSFRASTUTURE BEDT FUND to paid a interest income to non resident or foreign company after deduct a TDS of that  income, the Interest income  shall be liable to pay a TDS RATES @5%( + surcharge + Health + Education Cess). And when tax shall be deducted: - AT THE TIME OF PAYMENT OR CREDITING THE PAYEE WHICHEVER IS EARLIER.

Section 194LBA TDS ON CERTAIN INCOME FROM UNITS OF A BUSINESS TRUST

Sec 194LBA-Units of Business Trust

Resident unit holder/ Non Resident unit holder/ Foreign Company unit holder is unit hold of the UNITS OF A BUSINESS TRUST and the UNITS OF A BUSINESS TRUST payment is made to Resident unit holder/ Non Resident unit holder/ Foreign Company unit holder then this income deduct a TDS as per Section 10(23FC)/ Section 10(23FCA), when tax shall be deducted: - AT THE TIME OF PAYMENT OR CREDITING THE PAYEE WHICHEVER IS EARLIER.

PAYEE	Rate of TDS Section 10(23FC)	Rate of TDS Section 10(23FCA)
Payment is made to a RESIDENT UNIT HOLDER	10%	10%
Payment is made to a unit holder being NON RESIDENT	5%	30%+SC+HEC
Payment is made to a unit holder being a FOREIGN COMPANY	5%	40%+SC+HEC

 IF YOU SEE THE MORE DETAILS ABOUT THE NON RESIDENT- SPECIAL TAX RATES THEN CLICK THE BELOW LINK

https://eknowledgeachiever.blogspot.com/2020/08/Section115A-to-Section115AC-of-Incometaxact-SpecialTaxrate.html

Slab Rates of Income Tax Act for the F.Y.-2020-21

Slab Rates of Income Tax Act for the F.Y.2020-21

1. In case of an INDIVIDUAL whether RESIDENT OR NON RESIDENT / HUF/ AOP/BOI/ANY OTHER ARTIFICIAL JURIDICAL PERSON.(OTHER THAN SENIOR CITIZEN /SUPER SENIOR CITIZEN)

                                   For the A.Y 21-22 and F.Y. 20-21

INCOME	TAX RATES
Up to Rs. 2,50,000	NIL
Rs. 2,50,000 to Rs. 5,00,000	5% (T.I. – Rs.2,50,000)
Rs. 5,00,000 to Rs. 10,00,000	Rs.12,500 + 20% (T.I. – Rs.5,00,000)
Rs.10,00,000 and above	Rs. 12,500 + 30% (T.I. – Rs.10,00,000)

2.       In case of SENIOR CITIZEN                    

                               For the A.Y 21-22 and F.Y. 20-21

INCOME	TAX RATES
Up to Rs. 3,00,000	NIL
Rs. 3,00,000 to Rs. 5,00,000	5% (T.I. – Rs.3,00,000)
Rs. 5,00,000 to Rs. 10,00,000	Rs.10,000 + 20% (T.I. – Rs.5,00,000)
Rs.10,00,000 and above	Rs. 10,000 + 30% (T.I. – Rs.10,00,000)

 

3.       In case of SUPER SENIOR CITIZEN

                                 For the A.Y 21-22 and F.Y. 20-21

INCOME	TAX RATES
Up to Rs. 5,00,000	NIL
Rs. 5,00,000 to Rs. 10,00,000	20% (T.I. – Rs.5,00,000)
Rs.10,00,000 and above	Rs. 1,00,000 + 30% (T.I. – Rs.10,00,000)

  

REBATE U/S 87A 

This section 87A is applicable to RESIDENT INDIVIDUAL and condition is the individual or the assessee does not exceed its total income Rs. 5, 00,000.

If the assessee has a total income is exceed Rs.5, 00,000 then tax will be levied as per income tax rules.

Maximum of rebate: - least of the followings

100% of TAX LIABILTY as computed above                           

OR

                          Rs.12, 500

Surcharge slab rate on REBATE U/S 87A:-

Surcharge on tax after rebate u/s 87A

 For the A.Y 21-22 and F.Y. 20-21

INCOME	TAX RATES
T.I <=50Lacs	NIL
Rs. 50Lacs>=< Rs. 1Crore	10% (TAX)
Rs.1Crore>=<Rs.2 Crore	15% (TAX)
Rs.2Crore>=<Rs.5 Crore	25% (TAX)
Rs.5Crore>	37% (TAX)

 

COMPANY:-

        In case of COMPANY then tax rates is:-

For the A.Y 21-22 and F.Y. 20-21

COMPANY	INDIAN COMPANY	OTHER CASE	FOREIGN COMPANY
TAX RATES	25 % ( TOTAL T/O during the P.Y.2017-18 does not exceed Rs. 400 crore)	30%	40%

 

https://eknowledgeachiever.blogspot.com/2020/08/Section115A-to-Section115AC-of-Incometaxact-SpecialTaxrate.html

Section 115A to Section115AC of Income tax act –Special Tax Rate

If you see this section then click to upper link.

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