31st July is the due date for filing ITR in case of an Individual, HUF, AOP, BOI whose books of accounts are not required to be audited;

31st October is the due date for filing ITR for Corporates and Non-Corporates requiring Tax Audit;

30th November is the due date for filing return of Transfer Pricing.

1. Conditional Filing of Income tax Return
Assessee whose Gross Total Income (i.e income before claiming exemption u/s 54, 54B, 54D, 54EC, 54F, 54G, 54GA, 54GB and deduction Under Chapter VI-A) is more than the basic exemption limit then the assessee is required to file its ITR.

2. Compulsory filing of Returns

(a) Company & Partnership Firm (including LLP) are required to file their ITR mandatorily

(b) Resident individual who is the beneficial owner of any asset located outside India or has signing authority of any Account outside India

(c) Resident individual who is beneficiary of any asset located outside India

(d) Resident individual who has deposited an amount more than one crore in aggregate in one or more current account maintained with banks or cooperative banks

(e) He has incurred foreign travel expenditure of Rs. 2,00,000 or more for himself or any other person

(f) He has incurred foreign travel expenditure of Rs. 2,00,000 or more for himself or any other person

1. ITR-1 is for resident individual whose total income includes :
Income from Salary or Pension; or
Income from one House Property (except the cases where loss from previous year is carry forward); or
Income from Other Sources (except Winning from Lottery and Income from Race Horses) (Total income from the above sources should not be more than 50 Lakhs)
Income from Agriculture up to Rs.5000

2. ITR-2 is for Individual or Hindu Undivided Family (HUF) whose total income includes:
Income from Salary or Pension; or
Income from House Property; or
Income from Other Sources (including Winnings from Lottery and Income from Race Horses)
(Total income from the above sources should be more than 50 Lakhs)
ITR 2 is not applicable:
If you are a Director of a company (not having income from Business or Profession)
If you have investments in unlisted equity shares at any time during the financial year
Income from Capital gain; or
Income from Agriculture more than Rs. 5000
Having any Foreign Asset or Foreign Income
Being a non resident and resident not ordinarily resident (RNOR)

3. ITR-3 is for Individuals and Hindu Undivided Family having income from proprietary business or carrying on profession with following sources of income :
Income from Business and Profession
If you are a Director of a company
If you are a partner of a firm having income from partnership firm and not opting for Presumptive taxation
If you have investments in unlisted equity shares at any time during the financial year
This return may include income from House Property, Salary/Pension and Income from other sources 4. ITR-4: Upto INR 50 Lakhs and Profits from Business or Profession is computed under Section 44AD, 44ADA, 44AE. ITR-4 can not be filed by an Individual/HUF who is a Non-resident Indian. 5. ITR-5: ITR-5 is applicable for firms, Limited Liability Partnership (LLP), Association of Persons (AOP), Body of Individuals (BOI) and Artificial Juridical Person (AJP). 6. ITR-6: ITR-6 is applicable for Companies other than Companies claiming exemption under Section 11(i.e. Income from property held for charitable or religious purposes). 7. ITR-7: ITR-7 can be used by persons including companies who are required to furnish return under section

139(4A) – related with trust income
139(4B) – deals with political parties
139(4C) – deals with scientific research
139(4D) – related with the university and college

AIS
The AIS is a comprehensive statement containing details of all the financial transactions undertaken by taxpayers in a financial year (FY). It contains the information relating to income earned from various sources such as salary, dividend, interest from savings account, recurring deposits, sale and purchase of equity shares, bonds, mutual funds etc. The statement also contains information related to TDS, TCS.

TIS
Taxpayer Information Summary (TIS) is an information category wise aggregated information summary for a taxpayer. It shows processed value (i.e. value generated after deduplication of information based on pre-defined rules) and derived value (i.e. value derived after considering the taxpayer feedback and processed value) under each information category (e.g. Salary, Interest, Dividend etc.). The derived information in TIS will be used for prefilling of return, if applicable.

For quick and efficient collection of taxes, the Income-tax Law has incorporated a system of deduction of tax at the point of generation of income. This system is called as “Tax Deduction at Source”, commonly known as TDS. Under this system tax is deducted at the origin of the income. Tax is deducted by the payer and is remitted to the Government by the payer on behalf of the payee. The provisions of deduction of tax at source are applicable to several payments such as salary, interest, commission, brokerage, professional fees, royalty, contract payments, etc. In respect of payments to which the TDS provisions apply, the payer has to deduct tax at source on the payments made by him and he has to deposit the tax deducted by him to the credit of the Government.

30th September is the due date for the assessees not having international transactions or specified domestic transactions; 31st October is the due date for the assessees having international transactions or specified domestic transactions;

You are eligible to receive an income tax refund if you have paid more tax to the government than your actual tax liability. Process to claim a tax refund: In order to claim Income tax refund, it is mandatory to file an ITR. Once the IT department verifies your ITR and the refund claim made by you, it will communicate the outcome to you. If you have filed ITR electronically, the IT department will send you an e-mail or an SMS. Refund, if accepted as due, is normally credited to the bank account you had mentioned for this purpose in your tax return.

Form 26AS reflects the details of tax credit in respect of taxes deducted for the taxpayer as per the database of the IT Department. The tax credit may cover TDS, TCS, and taxes paid by the taxpayer in other forms like advance tax, self-assessment tax, etc.

You can take the help from our tax professionals team by online, email & on phone. They will help you with the filing of return and in the post filing compliances as well.

Agricultural income is not taxable. However, if you have non-agricultural income too along with agricultural income, then while calculating tax on non-agricultural income, your agricultural income will be taken into account for the purpose of tax rate. Section 2(IA) can be referred to know more in respect of Agricultural Income.

Mode and process of generating and validating income tax returns through Electronic Verification Code (EVC):

• Through Aadhaar Number OTP
• Generation of EVC
• Through Net banking
• Through Email id and Mobile Number
• Pre-validating Bank Account Number
• Through Demat Account Number
• E-Verify through available EVC (If already having the same)

Advance tax is to be calculated on the basis of expected tax liability of the year. Advance tax is to be paid in instalments as given below:

a) In case of all the assessees (other than assessees opting for presumptive taxation) :

i) Atleast 15 % on or before 15th June

ii) Atleast 45 % on or before 15th September

iii) Atleast 75 % on or before 15th December

iv) 100 % on or before 15th March

b) In case of assessee opted for presumptive taxation: 100% on or before 15th March Note: Any tax paid on or before 31st day of March shall also be treated as advance tax paid during the same financial year.