Anincome tax return, or ITR, is an official record submitted to the Income Tax Department that contains a person's annual income and the taxes paid on such income. It is filed once every financial year, which starts from the 1st of April of the current year and ends on the 31st of Ma...
This income tax form must be filed by partnership firms, Limited Liability Partnerships (LLPs), associations, and bodies of individuals. ITR-6: Companies This ITR e filing form is Applicable to companies that are registered in India. ITR-7: Special Entities ...
These forms are to be filed by individuals and Hindu Undivided Families (HUF); the same has to be downloaded by an applicant from the e-filing portal. Given below are the categories that fall under the ITR-2 form: Income exceeding Rs.50 lakh Income generated from foreign assets Income rece...
When can a revised return be filed? What consequences or penalties can one face for failing to submit their Income Tax Return in India? What are the subsequent actions or steps following the electronic filing of an Income Tax Return (ITR)?
2 ) Choose the right Income Tax form– If you are salaried person and have no Income from Business & profession, then it is likely that you need to file return in ITR 1 or ITR 2 or ITR 2A. There are some conditions that who can file return in ITR 1 –( Read my post on Which ...
Income Tax changes for FY 2018-19 due to Standard Deduction, Medical Reimbursement, Cess Video on how to show break up of salary in ITR This video explains how a salaried person can file his own income tax return ITR1 Related Articles: ...
How to Revise Income Tax Return? How should the revised returns be filed – Online or Physical? To file revised returns, one can use both the online and physical methods. However, you can revise returns online only if you have filed the original returns online and have the 15-digit acknowl...
ITR-V (Click to enlarge) Remember, if you miss submitting your ITR-V within 120 days, your e-filing will be considered invalid.It will be considered that you have not yet filed your return. You then have to file a revised return, get a new ITR-V and submit the same within 120 days...
For example, if the net short term capital loss for this year is 1 lakh (100,000). If filed in ITR, this can be carried forward to next year. if net short term capital gain next year is Rs.50,000 then 15% of this gain need not be paid as taxes because this gain can be set...
Amount due to or received, whether in lumpsome or otherwise by any assessee from any person before his joining any employment or after cessation of his employment If Form 16 considers HRA then salary details to be filled in ITR2 are as follows. Click on image to enlarge. ...