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WHAT IS INCOME TAX:
BASICALLY INCOME TAX MEANS TAX ON INCOME. SOME AMOUNT OFrnYOUR INCOME YOU ARE SUPPOSED TO PAY TO CENTRAL GOVERNMENT. THE GOVERNMENT OFrnINDIA IMPOSES AN INCOME TAX ON TAXABLE INCOME TO ALL PERSONS (INDIVIDUALS,rnHINDU UNDIVIDED FAMILIES(HUFS), COMPANIES, FIRMS, BODY OF INDIVIDULAS, LOACALrnAUTHORITY AND ANY OTHER ARTIFICIAL JUDICIARY PERSONS).
WHY INCOME TAX RETURNrnAND WHO HAS TO FILE IT?
INCOME TAX RETURN IS SUBMISSION OF DECLARATION BY A PERSONrnREGARDING HIS/HER INCOME FOR THE PARTICULAR YEAR.IF A PERSON HAVE INCOME MORE THAN BASIC EXEMPTION LIMITrnOR A PERSON HAVE FOREIGN ASSETS THEN ONLY FILING OF INCOME TAX ISrnCOMPULSORY.E-FILING OF INCOME TAX RETURN IS COMPULOSRY IF YOU ARE EARNING MORErnTHAN 5 LAKHS IN A YEARS. DIGITAL SIGNATURE FOR FILING OF INCOME TAX RETURN ISrnCOMPULSORY FOR :
1. ALL COMPANIES
2. INDIVIDUALS AND FIRMS WHO ARE COVERED UNDER TAX AUDIT.
TYPES OF ITR RETURNS-
INCOME TAX RETURN VARIES AS PER THE CATEGORY OF ASSESSES.
1. FOR INDIVIDULAS/HUF---ITR-1, ITR-2, ITR-3 & ITR-4
2. FOR COMPANY--ITR-6 & rnITR-7
3. FOR OTHER THAN INDIVIDUALS AND COMPANY ---ITR-5
ITR FORMS & TYPErnOF INCOME:
ITR-1(SAHAJ )--FOR INDIVIDUALS HAVING INOME FROM SALARYrn& INTEREST.
ITR-2---FOR INDIVIDULAS & HUFS NOT HAVINGrnBUSINESS/PROFESSIONAL INCOME.
ITR-3---FOR INDIVIDULAS & HUFS BEING PARTNERS IN FIRMSrn& CARRYING OUT BUSINESS OR PROFESSION UNDER & PROPRIETORSHIP.
ITR-4---FOR INDIVIDUALS & HUFS HAVING INCOME FROMrnPROPRIETARY BUSINESS OR PROFESSION.
ITR-5---FOR FIRMS, AOP, & BOI
ITR-6---FOR INCOME OTHER THAN COMPANIES CLAIMING EXEMPTIONrnU/S 11
ITR-7---FOR PERSONS INCLUDING COMPANIES REQUIRED TO FURNISHrnRETURN UNDER SECTION 139(4A)/139(4B)/139(4C)/139(4D).
WHAT IS FORM 16 & WHY?
FORM 16 IS ISSUED BY EMPLOYER TO EMPLOYEE. FORM 16 INCLUDESrnSALARY BIFURCATION IN DETAILS. IT ALSO INDICATES TDS AMOUNT DEDUCTED BYrnEMPLOYER FROM EMPLOYEE.FORM 16 IS ISSUED TO EMPLOYEES BEFORE 30 TH APRIL OFrnEVERY YEARS.
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