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Income Tax Return Of Directors/Partners


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About Income Tax Return Of Directors/Partners

Tax return is a form that you are required to file and contains information about your income as well as tax liability thereon. You are required to file these tax return forms with the Income Tax Department. The Income Tax Act, 1961, obligates the citizens of India to file their tax returns, at the end of every Financial Year, with the I-T Department. However, it is not mandatory for every citizen. There are different types of ITR form and each form is applicable to a certain section of assessee. These forms need to be filed on a specified due date. Income Tax Department will process only those tax returns which are filed in proper forms and within the due date.

Applicability

ITR 1 can be used by an individual taxpayer, having income from:

Salary or pension

House property (except brought forward loss under this head)

Income from other sources (except winnings from lotteries or income from horse races or losses under this head)

Individuals who have their income within ₹ 50 Lakhs and have earned their Income for the Financial Year through Salary or Pension, only one House Property and other sources excluding lottery, racehorses, legal gambling etc are eligible to file their IT Return using ITR-1.

Assessees who have income from foreign assets, agricultural income that exceeds Rs. 5000, Income from Business or Profession and Income from more than one house property are not eligible to file using ITR-1 Form.

Penalty

Taxpayers who do not file their income tax return on time are subject to penalty and charged an interest on the late payment of income tax. Also, the penalty for late filing income tax return on time has been increased recently. The penalty for late filing income tax return is now as follows:

  • Late Filing between 1st August and 31st December - Rs.5000
  • Late Filing After 31st December - Rs.10,000
  • Penalty if taxable income is less than Rs.5 lakhs - Rs.1000

Due Dates

The due date for income tax return filing is 31st July of every year for individual taxpayers.

The due date for income tax return filing for companies and taxpayer requiring tax audit is 30th September.

Section 44AD of the Income Tax Act deals with tax audit under Income Tax Act.

Process

Frequently Asked Questions

Yes, even if you don’t have any tax liability, you need to file the income tax return. You have to give the description of your total income, including salary, wage, commission, business or income from any other source.

Do I need to file my Tax Returns even though my Employer has already Deducted Tax at Source (TDS)?

This is a misconception that, if my employer has deducted TDS from my annual salary, I need not to file the return of my income. You have to file an ITR in this case and must mention your total Income.

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