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.
(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-
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 –
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 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
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:
Best ITR Filing Services in Delhi NCR at Lex N Tax Associates.
~ By Shaista Siddiqui
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