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Filing of Returns of IncomeTax

ITR-1(SAHAJ ): For Individuals having income from salary, one house property, other sources (Interest etc.) and having total income up to Rs.50 lakh
ITR-2: For Individuals and HUFs not carrying out business or profession under any proprietorship
ITR-3: For Individuals and HUFs having income from a proprietary business or profession
ITR-4: For Individual, HUF or Firm opting for presumptive taxation scheme
ITR-5: For Firm, Limited Liability Partnership (LLP), Association of Persons (AOP), Body of Individuals (BOI), Artificial juridical person, Private Discretionary Trust, Cooperative society, Registered societies, Local authority. However, a person who is required to file ITR-7 shall not use this form
ITR-4:ITR-6: For company, other than a company claiming exemption under section 11 (exemption under section 11 can be claimed by charitable/religious trust)
ITR-4:ITR-7: Persons including companies who are required to furnish return under section 139(4A) or 139(4B) or 139(4C) or 139(4D) or section 139(4E) or section 139(4F) of the Income-tax Act, 1961 (i.e., trusts, political parties, institutions, colleges, investment fund, etc.)
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WHAT IS FORM 16 & WHY?

FORM 16 is issued by employer to employee. Form 16 includes salary bifurcation in details. it also indicates TDS amount deducted by employer from employee. Form 16 is issued to employees before 30th April of every year.

INCOME TAX RETURN DUE DATE
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.
Tax Audit Requirement:
Section 44AD of the Income Tax Act deals with tax audit under Income Tax Act
Business
In case of a business, tax audit would be required if the total sales turnover or gross receipts in the business exceeds Rs.1 crore in any previous year.
Professional
In case of a profession or professional, tax audit would be required if gross receipts in the profession exceeds Rs.50 lakhs in any of the previous year.
Presumptive Taxation Scheme
If a person is enrolled under the presumptive taxation scheme under section 44AD and total sales or turnover is more than Rs. 2 crores, then tax audit would be required.



PENALTY FOR LATE FILING INCOME TAX RETURN

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

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WMC can help you in filing Income Tax Return. The average time taken to draft and file Income Tax Returns documents under respective authority is about 2-5 working days, subject to government processing time and client document submission. Get a free consultation to get Income Tax Returns by scheduling an appointment with a WMC Advisor.