The income Tax Act 1961 stated the provisions of filling return of income. Return of income tax is the predetermined format in which assesse furnishes information regarding his total income and tax payable. The format for filling of returns by different assessees is notified by CBDT. In income tax return the assesse required to furnish details of income earned under different heads, gross total income, deductions if any claim from gross total income, total income and tax payable by the assesse. Lex N Tax Associates provides Best ITR filing services in Delhi NCR.
Filing income Tax Return [Section (139(1)]
(1) It is compulsory for companies and firms to file a return of income or loss for every previous year on or before the due date in the prescribe form.
(2) The return of income or loss of every person being the resident other than not ordinary resident in India (non-resident), who is not required to furnish a return under section 139(1) if that Such person, at any time during the previous year-
Holds, any asset as a beneficial owner, (including financial interest in any entity) located outside India, or
A beneficial of any assets (including any financial interest in any entity) located outside India.
Note: An individual being a beneficial of any asset (including any financial interest in any entity) located outside India would not be required to file return of income, when income if any arising from such asset is includible in the income of the person referred to in (a) above in accordance with the provision of the income tax Act 1961. Best ITR Filing Services in Delhi NCR at Lex N Tax Associates.
(3) Every person, being individual or HUF or AOP or BOI or an artificial juridical person –
Has earned total income or the income of any other person taxable in the hand of such person in the previous year as per provision of income tax Act.
The total income of such person before provide effect of exemption claim under the head capital gain and deductions under chapter Vi-A
Exceeds the basic exemption limit
The person who has fulfil the condition mentioned above is required to file return of income for the previous year in which income earned by such person. Lex N Tax Associates Know for the Best ITR Filing Services in Delhi NCR
For the A.Y 2022-23 basic exemption limit is as follows:
For individual/HUF/AOP/BOI and artificial juridical person – 2,50,000
For resident individual of age 60 yr. or more but less than 80 yr. – 3,00,000
For resident individual of age 80 yr. or more – 5,00,000
In case any person mentions in (1), (2) & (3) above file return of income mandatory if total income exceeds basic exemption limit.
All such person in (1), (2), (3) & (4) above should, on or before due date furnish return of income in the prescribed form and verify in the prescribe manner and setting forth such other particulars if any prescribed in provision as per provision or rule.
In specific circumstances where any person other than company or firm, who is not required to file return under section 139(1), would have to file return of income on or before due date if during previous year, such person-
Has deposit an amount or aggregate of amount exceeds Rs. 1 crore in one or more current account maintain with banking company or co-operative bank.
Has incurred expenditure of an amount or aggregate of the amount exceeds Rs. 2 lakhs for himself or any other person for travel to foreign country.
Has incurred expenditure or in aggregate exceeds Rs. 1 lakh towards consumption of electricity
Fulfil such other conditions prescribed in the provision.
Due Dated for ITR Filing for A.Y 2022-23
For the company or person whose accounts required to be audited under income tax Act 1961 or a partner of a firm whose accounts are required to be audited under income tax act or other act or the spouse of such partner if provision of section 5A applies to such spouse – 31st October 2022
For an assessee including the partners of the firm or the spouse of such partner provision 5A applies, being person who is required to furnish report as per section 92E- 30th November 2022
For any other assesse – 31st July 2022
Income Tax return for the special category person
Section 5A (Income apportionment between spouse as per Portuguese Civil Code)
As per provision of income tax Act where the husband and wife are governing by the system of community of property in force in the state of Goa, and in the union territory of Dadar and Nagar Haveli and Daman and Diu:
Income under the head salaries: As per income tax act when the husband or the wife as case may be governed by the aforesaid system has any income under the head salaries such income shall be included in the hand of person who actually earned it.
Income under any head of income (other than under the head ‘Salaries’): As per income tax act income earned by husband and the wife under any head of income shall not be assessed as that of such community of property but such income shall be apportioning equally between the husband and the wife and the income so apportioned shall be included separately in the total income of the husband and the wife respectively, and the remaining provision of this Act shall apply accordingly [Section 5A (1)].
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