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Income Tax

Income Tax e-filing - Filing an Income Tax Return (ITR) is essential for nation-building and offers several benefits. It helps you claim TDS refunds, makes loan applications easier, and allows you to carry forward losses. Additionally, you can claim deductions and exemptions under the Income Tax Act, 1961. Income Tax Return or ITR is a form used to show your gross taxable income for the given fiscal year. The form is used by taxpayers to formally declare their income, deductions claimed, exemptions and taxes paid. Therefore, it calculates your net income tax liability in a fiscal year.According to the Income Tax Act of 1961, a person under 60 years of age must file tax returns if a part of their income is taxable. If your taxable income exceeds Rs. 5 lakh in a financial year or you have paid advance tax, you also need to file an ITR. When filing tax returns, you also have to pay your due taxes as decided by your applicable income tax slabs.

Types of ITR Forms

i.ITR 1 or Sahaj - ITR 1 or Sahaj is a form for those individuals who have income of up to Rs. 50 lakh from pension, salary, income from other sources and one house property. However, all salaried persons can not use this form to file taxes. Types of ITR Forms

ii. ITR 2 - This form can be used by resident individuals or Hindu Undivided Families (HUF) who cannot file the ITR 1 or Sahaj form. However, if your income comes from a business or profession, then you cannot use ITR-2. 

iii. ITR 2A - This is a newly launched ITR form created for HUFs and individuals who own more than one house property without any capital gains income and have salary income. If you have long-term capital gains and you have paid Securities Transaction Tax, this form is for you.

iv. ITR 3 - This form is for individuals or HUFs having income from proprietary business or profession. In short, Hindu Undivided Families or individuals who are ineligible for ITR 1, ITR 2, and ITR 4, can file ITR 3. Anyone receiving interest, bonus, salary or commission from a partnership firm as business income must also file ITR 3. 

v. ITR-4 or Sugam - ITR 4 or Sugam is for all types of professions, businesses, HUFs and undertakings. You can file ITR-4 if your total income includes business or professional income u/s 44AD, 44ADA or 44AE, income from one house property, salary income, and income from other sources. However, you can not file this form if your income is more than Rs. 50 lakh in a financial year. 

vi. ITR 5 - Co-operative societies, firms, Artificial Juridical Persons, Associations of Persons, local authorities, and Bodies of Individuals are eligible to file their income taxes with this form. 

vii. ITR 6 - This form can be filed by any company only through online mode. Firms and organisations can use this form only if they are not claiming tax exemption under Section 11. 

viii. ITR 7 - This form can be used only by political parties, religious or charitable trusts, colleges, universities, etc. to claim tax exemption. 

Business Tax Filing

A business income tax return is a comprehensive report that outlines a business's income, expenses, and pertinent tax details, all presented in a designated form. It entails the submission of income tax returns for businesses, with the added requirement of reporting Tax Deducted at Source (TDS). This process must be carried out annually. This return serves as a financial statement detailing earnings. It outlays and is a documentation of additional financial components like fixed assets, loans obtained, loans extended, debtors, and creditors within the business. It is important to meet the income tax return filing last date for business.  

C. 15CA - 15CB Filing - As per Section 195, every person making a payment to Non-Residents (not being a Company), or to a Foreign Company shall deduct TDS  if such sum is chargeable to Income Tax and the details are required to be furnished in Form 15CA.  

A person responsible for making such remittance (payment) has to submit the form 15CA, before remitting the payment. This form can be submitted both online and offline mode. In certain cases, a Certificate from Chartered Accountant in form 15CB is required before uploading the form 15CA online.  

The furnishing of information for payment to Non- Resident, not being a Company, or to a Foreign Company in Form 15CA has been classified into 4 parts. Depending upon the case, you will need to fill the relevant part.  

PART A: Where the remittance or the aggregate of such remittance does not exceed 5 lakh rupees during the F.Y.  

 

PART B: Where remittance or the aggregate of such remittances exceed 5 lakh rupees during the FY and an order / certificate u/s 195(2) / 195(3) /197 of the Act has been obtained from the Assessing Officer.  

PART C: Where the remittance or the aggregate of such remittance exceed 5 lakh rupees during the FY and a certificate in Form No 15CB from an accountant has been obtained.  

PART D: Where the remittance is not chargeable to tax under the Income Tax Act, 1961.  

TAN Registration

TAN Tax Deduction and Collection Account Number is a 10 digit alpha numeric number required to be obtained by all persons who are responsible for deducting tax at source or collecting tax at source. It is compulsory to quote TAN in TDS/TCS return, any TDS/TCS payment challan, TDS/TCS certificates, and other documents as may be prescribed. Every person liable to deduct tax at source or collect tax at source is required to obtain TAN. However, a person required to deduct tax under Section 194-IA, Section 194-IB, Section 194M, and Section 194S (for specified person)  can use PAN in place of TAN as such person is not required to obtain TAN.  

As per section 203A of the Income-tax Act, 1961, every person who deducts or collects tax at source has to apply for the allotment of TAN. Section 203A also makes it mandatory to quote TAN in TDS/TCS return (including any e-TDS/TCS return), any TDS/TCS payment challan, TDS/TCS certificates and other documents as may be prescribed. As per section 272BB, failure to apply for TAN or not quoting the TAN in the specified documents attracts a penalty of Rs. 10,000/-  

The person responsible for the deduction of tax at source is required to file a statement of TDS on or before the due date specified on this behalf. These statements shall be filed in prescribed formats quarterly except for tax deducted under Section 194-IA, section 194-IB, section 194M, and section 194S. Notice under Section 142(1) – Inquiry before assessment  

Income Tax Notice: Once the assessee files his return of income the income tax department scrutinizes his return and issues assessment intimations, scrutiny notices etc. This applies even if the assesses does not file his return of income. The various notices which the assessee may receive for any financial year are as follows  

i. Notice under Section 142(1) – Inquiry before assessment  

ii. Notice under Section 143(2) – Scrutiny Notice  

iii. Notice under Section 143(1) – Letter of Intimation  

iv. Notice under Section 148 – Income escaping assessment  

v. Notice under Section 156- Notice of Demand