Income Tax Return of Directors/Partners

Tax return is a form that you are required to file and contains information about your income as well as tax liability thereon. You are required to file these tax return forms with the Income Tax Department. The Income Tax Act, 1961, obligates the citizens of India to file their tax returns, at the end of every Financial Year, with the I-T Department. However, it is not mandatory for every citizen. There are different types of ITR form and each form is applicable to a certain section of assessee. These forms need to be filed on a specified due date. Income Tax Department will process only those tax returns which are filed in proper forms and within the due date.

 

APPLICABILITY

ITR 1 can be used by an individual taxpayer, having income from:

 Salary or pension

 House property (except brought forward loss under this head)

 Income from other sources (except winnings from lotteries or income from horse races or losses under this head)

 Individuals who have their income within ₹ 50 Lakhs and have earned their Income for the Financial Year through Salary or Pension, only one House Property and other sources excluding lottery, racehorses, legal gambling etc are eligible to file their IT Return using ITR-1.

 Assessees who have income from foreign assets, agricultural income that exceeds Rs. 5000, Income from Business or Profession and Income from more than one house property are not eligible to file using ITR-1 Form.

PENALTY

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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    Income Tax Return

    DUE DATES

    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.

    Section 44AD of the Income Tax Act deals with tax audit under Income Tax Act.

    PROCESS

    Step 1: ITR PREPARATION SOFTWARE FOR THE RELEVANT

    ITR Preparation Software For The Relevant Assessment Year To Your PC / Laptop From The “Downloads” Page.

    Step 2: PREPARE THE RETURN

    Prepare The Return Using The Downloaded Software.

    Step 3: GATHER ALL THE INFORMATION

    Gather All The Information Regarding Your Income, Tax Payments, Deductions Etc.

    Step 4: PRE-POPULATE THE PERSONAL DETAILS

    Pre-Populate The Personal Details And Tax Payments/TDS By Clicking On The ‘Pre-Fill’ Button. Compare With The Information You Have To Ensure That Nothing Is Left Out.

    Step 5: ENTER ALL DATA AND CLICK ON ‘CALCULATE’

    Enter All Data And Click On ‘Calculate’ To Compute The Tax And Interest Liability And Final Figure Of Refund Or Tax Payable

    Step 6: IF TAX IS PAYABLE- REMEMBER

    If Tax Is Payable- Remember To Pay Immediately And Enter The Details In Appropriate Schedule. Repeat Above Step So That Tax Payable Becomes Zero

    Step 7: GENERATE AND SAVE THE INCOME TAX RETURN

    Generate And Save The Income Tax Return Data In XML Format In The Desired Path/Place On Your PC/Laptop.

    Step 8: LOGIN TO E-FILING

    Login To E-Filing Website With User ID, Password, Date Of Birth /Date Of Incorporation And Enter The Captcha Code.

    Step 9: GO TO E-FILE

    Go To E-File And Click On “Upload Return”.

    Step 10: SELECT THE APPROPRIATE ITR

    Select The Appropriate ITR, Assessment Year And XML File Previously Saved In Step 2 (Using Browse Button).

    Step 11: UPLOAD DIGITAL SIGNATURE CERTIFICATE (DSC)

    Upload Digital Signature Certificate (DSC), If Applicable.

    Step 12: PLEASE ENSURE THE DSC

    Please Ensure The DSC Is Registered With E-Filing.

    Step 13: CLICK ON

    Click On “Submit” Button.

    Step 14: ON SUCCESSFUL SUBMISSION

    On Successful Submission, ITR-V Would Be Displayed (If DSC Is Not Used). Click On The Link And Download The ITR-V. ITR-V Will Also Be Sent To The Registered Email. If ITR Is Uploaded With DSC, The Return Filing Process Is Complete. OR The Return Is Not Uploaded With DSC, The ITR-V Form Should Be Printed, Signed And Submitted To CPC Within 120 Days From The Date Of E-Filing. The Return Will Be Processed Only Upon Receipt Of Signed ITR-V. Please Check Your Emails/SMS For Reminders On .Non-Receipt Of ITR-V.

    Step 15: UPLOAD INCOME TAX RETURN

    Upload Income Tax Return Process Is Complete Now.

    Step 16: TO PREPARE AND SUBMIT ITR ONLINE

    To Prepare And Submit ITR Online, Please Follow The Below Steps :

    Step 17: LOGIN TO E-FILING

    Login To E-Filing Website With User ID, Password, Date Of Birth /Date Of Incorporation And Captcha.

    Step 18: GO TO E-FILE

    Go To E-File And Click On “Prepare And Submit ITR Online”.

    Step 19: ONLY ITRS

    Only ITRs 1 And 4S Can Be Filled Online

    Step 20: SELECT THE INCOME TAX RETURN

    Select The Income Tax Return Form ITR 1/ITR 4S And The Assessment Year.

    Step 21: FILL IN THE DETAILS

    Fill In The Details And Click The “Submit” Button.

    Step 22: UPLOAD DIGITAL SIGNATURE CERTIFICATE

    Upload Digital Signature Certificate (DSC), If Applicable.

    Step 23: PLEASE ENSURE THE DSC

    Please Ensure The DSC Is Registered With E-Filing.

    Step 24: CLICK ON

    Click On “Submit” Button.

    Step 25: ON SUCCESSFUL SUBMISSION

    On Successful Submission, ITR-V Would Be Displayed (If DSC Is Not Used). Click On The Link And Download The ITR-V. ITR-V Will Also Be Sent To The Registered Email. If ITR Is Uploaded With DSC, The Return Filing Process Is Complete. OR The Return Is Not Uploaded With DSC, The ITR-V Form Should Be Printed, Signed And Submitted To CPC Within 120 Days From The Date Of E-Filing. The Return Will Be Processed Only Upon Receipt Of Signed ITR-V. Please Check Your Emails/SMS For Reminders On .Non-Receipt Of ITR-V.

    Step 26: THIS ENDS THE PROCESS

    This Ends The Process Of Preparing & Submitting ITR Online By Taxpayer.

    FREQUENTLY ASKED QUESTIONS

    Yes, even if you don’t have any tax liability, you need to file the income tax return. You have to give the description of your total income, including salary, wage, commission, business or income from any other source.

     

    Do I need to file my Tax Returns even though my Employer has already Deducted Tax at Source (TDS)?

    This is a misconception that, if my employer has deducted TDS from my annual salary, I need not to file the return of my income. You have to file an ITR in this case and must mention your total Income.