Income Tax
ITR 1:
For individuals being a resident (other than not ordinarily resident) having total income upto Rs.50 lakh, having Income from Salaries, one house property, other sources (Interest etc.), and agricultural income up to Rs.5 thousand.
Not for an individual who is either Director in a company or has invested in unlisted equity shares or in cases where TDS has been deducted u/s 194N or if income-tax is deferred on ESOP.
ITR 2:
In the case of a person being an individual not being an individual to whom ITR 1 appliesor a Hindu undivided family where the total income does not include income under the headbusiness or profession.
ITR 3:
In the case of a person being an individual or a Hindu undivided family other than the individual or Hindu undivided family referred to in ITR1 or ITR 2 and having income under the head business or profession.
ITR 4:
In the case of a person being an individual or a Hindu undivided family, who is a resident other than not ordinarily resident, or a firm, other than limited liability partnership firm, which is a residentderiving income under the head Profits or gains of business or profession and such income is computed in accordance with special provisions referred to in section 44AD, section 44ADA and section 44AE of the Act.
ITR 5:
In the case of a person not being an individual or a Hindu undivided family or a company or a person to which ITR 7 applies.
ITR 6:
In the case of a company not being a company to which ITR 7 applies.
ITR 7:
In the case of a person including a company whether or not registered under section 25 of the Companies Act, 1956 required to file a return under sub-section (4A) or sub-section (4B) or sub-section (4C) or sub-section (4D) of section 139.
Income Tax due dates
- The due date for filing returns of Individuals, HUFs, Trust/societies or partnership firms
Non Tax Audit cases – 31st July of the Assessment year
Tax Audit cases – 30th September of the Assessment year
- The due date for filing returns of Companies is 30th September of the Assessment year.
Obligations towards advance tax
Advance tax means income tax should be paid in advance instead of lump sum payment at year end if the tax liability is over Rs. 10,000. Individuals not carrying on business or profession income and age above 60 Years are not required to pay advance tax.
| Notlessthan 15% of tax | Before 15th June |
| Not less than 40% of tax | Before 15th September |
| Notlessthan 75% of tax | Before 15th December |
| The whole amount as reduced by whatever paid before | Before 15th March |
TDS and TCS
| Section | Nature of Payment | Threshold limit | TDS % | |
| Individual/HUF | Others | |||
| 194 | Dividends from Companies | Beyond ₹ 5000/- | 10 | 10 |
| 194 A | Interest other than interest on securities to resident from Banks and Co-operative Banks andSocieties. | ₹.40,000 Per annum | 10 | 10 |
| 194 C | Payment to resident Contractor / Sub contractor | ₹.30,000 per contract or Rs.1,00,000 pa | 1 | 2 |
| 194 H | Commission or brokerage to a resident | ₹.15,000 pa | 5 | 5 |
| 194 I | Rent for Plant, Machinery & Equipment | ₹. 2,40,000 per annum | 2 | 2 |
| Rent for land, building or furniture | ₹. 2,40,000 per annum | 10 | 10 | |
| 194 IA | Payment to a resident for transfer non agriculture property on sale consideration or guideline value, whichever is higher. (TAN is not necessary) | ₹. 50 lakhs and above | 1 | 1 |
| 194 IB | Rent by an Individual (not subjected to tax audit) (TAN not necessary) | ₹. 50,000 and above per month | 5 | 5 |
| 194 IC | Payment under joint development agreement | No limit | 10 | 10 |
| 194 J | Professional Services | ₹. 30,000 pa | 10 | 10 |
| Technical Services | 2 | 2 | ||
| 194 K | Dividends from Mutual Funds | ₹. 5000 | 10 | 10 |
| 194 M | Payment of for Contract, commission or services | Individuals and HUFs in excess of ₹.50 Lakhs | 5 | 5 |
| 194 O | By E Commerce Operator on the participants on such sales or service value | Individual & HUF beyond ₹ 5 Lakhs Others with no limits | 1 | 1 |
| 194 Q | Deduction on payment for purchases from any person for value over ₹.50 Lakhs | All persons | 0.1 | 0.1 |
| 194 R | By any person liable for Tax audit, on all payment or gift of cash or in kind to any persons which is claimed as expenditure. | Over ₹.30,000 | 10 | 10 |
| 194 S | On payment of consideration of Virtual Digital Assets (commonly called crypto currencies) | Individuals and HUF ₹50,000 and others ₹.10000 | 1 plus surcharge | 1 plus surcharge |
| 206 C (1G) | Tax collection at source from Foreign by the agent from the remitters | Above ₹. 7 Lakhs | 5 | 5 |
| 206 C (1H) | Tax collection from sellers at the time of paying for the supplies. | Over ₹. 50 Lakhs pa and the sellers’ sales is over ₹. 10 crores). | 0.1/(1 % is no PAN or Aadhar) | 0.1 |
Quarterly TDS filing due dates:
| Q1 | Apr – June | 31st of July |
| Q2 | July – september | 31st of October |
| Q3 | October – December | 31st of January |
| Q4 | January – March | 31st May |
Income Tax Notices:
Notice u/s 143(1):
The Income Tax department sends this intimation notice seeking response to errors or inconsistencies in an income tax return which was filed previously.
Notice u/s 142(1):
This notice is send to an assessee as an inquiry that additional documents and information are required to process the filed return.
Notice u/s 143(2):
Notice under Section 143(2) of the Income Tax Act is the second chance to assessee after Income Tax Department find major or minor discrepancies in the tax return.
Notice u/s 156:
The income tax department sends this notice as a demand notice when as assesse is ought to pay any tax, interest, fine or any other sum.
Notice u/s 245:
This notice will be issued if the assessing officer found that tax for any previous year was not paid and he wants to set off that tax with the current year refund. The assesse receiving this notice should respond within 30 days.
Notice u/s 148:
The notice u/s 148 will be issued by the IT department if the assessing officer believes that you have missed some income and paid lower taxes.