What is return of income?
OR
What is Income Tax Return?
ITR [Income Tax Return] is a prescribed form provided by Income Tax Department in which information about income and taxes paid on such income are furnished to the Income Tax Department. In addition to this, it allows carry -forward of loss and claim refund from Income Tax Department.
How to download forms of return of income?
Different types of forms of return of income are prescribed for filing ITR for different status and nature of income.
What is ITR-V?
It is an acknowledgement of filing income tax return [ITR].
What are the Due dates of filing of return of income or ITR?
| Sr. No | Situation | Assessee | Due date |
|---|---|---|---|
| 1. | Where there is requirement to furnish a report in Form No. 3CEB under section 92E. | Corporate or non-corporate | 30th day of November of the assessment year. |
| 2. | If don’t have international or specified domestic transactions. | Company | 31st day of October of the assessment year. |
| 3. | Accounts are required to be audited under any law. | Company/other than company/Partners of the firm | 31st day of October of the assessment year. |
| 4. | Normal | any other assessee | 31st day of July of the assessment year |
What is late fee for late filing of return of income?
As per section 234F, Rs. 5000 shall pay, by way of fee, for defaulting in furnishing return of income. However, if the total income of the person does not exceed Rs. 5,00,000, fee shall not exceed Rs. 1,000.
What is rebate of income tax under section 87A?
For Assessment Year 2023-24, resident individual having total income up to Rs. 5,00,000 can get rebate lower of the following:-
100% of income tax OR Rs. 12,500/-