Return Of Income And Assessment Procedure Pdf

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return of income and assessment procedure pdf

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Every individual earning an income has to pay Income Tax to the Government of India.

The assessment also includes re-assessment and best judgment assessment under section and respectively and the different type of income tax assessment. This type of Income Tax Assessment is the one in which the assessee calculate the tax by himself , usually to accompany his calculation with payment of the amount he regards as due.

Filing of Income Tax Returns

It was a tax selectively imposed on the rich, royalty and Britishers, and hence was not liked by the powerful. In its first year, the exchequer collected a princely sum of Rs. The Act lapsed in and was re-introduced in a different form in Tax rates were based on a rough-and-ready assessment.

In the modern times, income tax is an annual tax on income. The Indian IncomeTax Act - External website that opens in a new window Section 4 provides that in respect of the total income of the previous year of every person, income tax shall be charged for the corresponding assessment year at the rates laid down by the Finance Act for that assessment year. Section 14 of the Income Tax Act - External website that opens in a new window further provides that for the purpose of charge of income tax and computation of total income all income shall be classified under the following heads of income: salaries, income from house property, profits and gains of business or profession, capital gains, income from other sources.

The total income from all the above heads of income is calculated in accordance with the provisions of the Act as they stand on the first day of April of any assessment year. The Income Tax Department - External website that opens in a new window is responsible for all activities related to the taxation process. The word income has a very broad and inclusive meaning. In case of a salaried person, all that is received from an employer in cash, kind or as a facility is considered as income.

For a businessman, his net profits will constitute income. Income may also flow from investments in the form of Interest, Dividend, and Commission etc. Infact the Income Tax Act does not differentiate between legal and illegal income for the purpose of taxation. Under the Act, all incomes earned by people are classified into five different heads, such as: income from salary, income from house property, income from business or profession, income from capital gains and income from other sources.

Advertisements related to Income Tax - External website that opens in a new window. For a resident senior citizen who is 60 years or more at any time during the previous year but less than 80 years on the last day of the previous year, i. For a resident senior citizen who is 60 years or more at any time during the previous year but not more than 80 years on the last day of the previous year, i.

For a resident super senior citizen who is 80 years or more at any time during the previous year, i. Co-operative societies - The following rates are applicable to a Co-operative Society for the assessment years and Co-operative societies - The following rates are applicable to a co-operative society for the assessment years and A firm is taxable at the rate of 30 per cent for the assessment years and Firms - A firm is taxable at the rate of 30 per cent for the assessment years and Check the rates of other taxable income such as: short-term capital gains, long-term capital gains, etc.

The Income Tax Department has developed an online Tax calculator - External website that opens in a new window. An online payment facility - External website that opens in a new window is also available.

Note: The CBDT has, vide notification dated , made E-filing of Return compulsory for Assessment Year for persons having total assessable income exceeding Five lakh rupees. The exemption was available only for the assessment year and The exemption was giving considering 'paper filing of returns' and their 'processing through manual entry' on system.

Taxpayers can download - External website that opens in a new window the forms from the website and print using a colour printer on an A4 size white paper. Acknowledgement - PDF file that opens in a new window.

Further instructions and forms for previous years can be found here - External website that opens in a new window. The E-Filing - External website that opens in a new window facility was introduced by the Income Tax Department for the first time during assessment year At present, it is mandatory for companies and firms requiring statutory audit under Section 44AB to e-file their Income Tax Returns.

Also, the e-filing benefit has been extended to all assesses. For registration in e-filling portal please click here - External website that opens in a new window. It is similar to "pay as you earn" scheme also known as Withholding Tax in many other countries.

Every person responsible for making payment of nature covered by TDS provisions of Income Tax Act shall be responsible to deduct tax. However, in case of payments made under sec. Skip to main content. Home Filing of Income Tax Returns. What is Income Tax? Who is to Pay Income Tax? Assessment year Net income range Income-tax rates Up to Rs. Assessment year Firms - A firm is taxable at the rate of 30 per cent for the assessment years and Specified Income Tax rates for other income Check the rates of other taxable income such as: short-term capital gains, long-term capital gains, etc.

Types of Assessments under Income Tax

It was a tax selectively imposed on the rich, royalty and Britishers, and hence was not liked by the powerful. In its first year, the exchequer collected a princely sum of Rs. The Act lapsed in and was re-introduced in a different form in Tax rates were based on a rough-and-ready assessment. In the modern times, income tax is an annual tax on income. The Indian IncomeTax Act - External website that opens in a new window Section 4 provides that in respect of the total income of the previous year of every person, income tax shall be charged for the corresponding assessment year at the rates laid down by the Finance Act for that assessment year.

Self-Assessment Tax

Updated on Feb 02, - PM. Budget update : The time limit to re-open income tax assessment cases has been reduced to 3 years from 6 years. Also, in case of serious tax evasion, the assessment can be reopened until 10 years, only when concealment of income is more than 50 lakh. Every assessee, who earns income beyond the basic exemption limit in a Financial Year FY , must file a statement containing details of his income, deductions, and other related information. Once you as a taxpayer file the income returns, the Income Tax Department will process it.

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When you file a belated return, you are not allowed to carry forward certain losses. It is therefore imperative to know which particular form is appropriate in each case. Income Tax Return Forms vary depending on the criteria of the source of income of the Assessee and the category of the Assessee.

Income Tax E-Assessment proceeding

Nirmala Sitharaman had announced launching of a scheme in that would provide e-Assessment of Income-tax in electronic mode, in a phased manner, with no human interface. However, notice for income escaping assessment under section , may be sent through E-proceeding portal. Concur with the draft assessment order and intimate the NeAC about such concurrence; or. Suggest any modification, as it may deem fit, to the draft assessment order and send its suggestions to the NeAC. Skip to content.

Giving notice to the assessee to submit return if not submitted earlier , produce accounts, documents, etc. Selection of Cases for Scrutiny Assessment :. Rectification only when mistake apparent from the record and by the authority who passed the order [Section 1 ]:. Opportunity of being heard is necessary if Rectification results into Enhancement, etc. Notice of Demand to be issued in case Rectification results in to Enhancing the Assessment, etc. All efforts are made to keep the content of this site correct and up-to-date.

For more details on risk factors, associated terms and conditions and exclusions please read sales brochure carefully before concluding a sale. Gone are the long queues and endless anxiety of making the tax-filing deadline. Open the Return Preparation Software excel utility that you have downloaded, follow the instructions and enter all details from your Form Compute tax payable, pay tax and enter relevant challan details in the tax return. If you do not have a tax liability, you can skip this step.

How to File Income Tax Return (ITR) Online

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