The Financial year 2021-22 has just ended and now the due date for filing Income Tax return for FY 2021-22 is fast approaching.
Income tax return filing in India is an annual exercise which every tax payers need to do as per his or her legal as well as moral duties.
Every year, Central Board of Direct Taxes notifies Income Tax Return filing forms for different categories of tax payers. For FY 2021-22 also, the CBDT has notified the relevant forms. There are total 7 forms prescribed depending upon the types of assessee. It is very important for the assessee to choose the correct Income Tax return form as filing return in wrong form may lead to the tax return filing being invalid.
Compulsory filing of Income Tax Return in India
There are 2 criteria for compulsory filing of Income Tax Return. Fist is financial criteria and second is non financial criteria. Every assessee needs to file their Income tax return in India in case their total income during a financial year exceeds basic exemption limit of Rs.2.5 lac.
Similarly, there are non-financial criteria which means that income tax filing needs to be done even if there is no taxable income however, the assessee has done some transactions like foreign travel, made electricity bill payment of more than Rs.1 lac, have turnover form trading of goods of more than Rs.60 lac or turnover from profession is more than Rs.10 lac etc.
What are the Due Dates of filing Income Tax Return
In case of individual and HUF assessee, due date of filing tax return is 31st July
In case of companies, due date is 30th September
In case of proprietorship subject to tax audit, due date is 30th September
In case of assessee to which transfer pricing provisions are applicable, due date is 30th November
What is the process or steps involved in filing Income Tax Return?
Following steps are involved in filing Income tax return in India:
Some other points which shall be kept in mind at the time of Income Tax return filing in India
Following points shall be kept in mind at the time of Income Tax Return Filing in India:
From the above, it may be inferred that Income Tax Return filing in India is a complex procedure and requires expertise of tax consultant/tax advisors.
In case you need any further clarification or assistance, please contact www.ezybizindia.in or call at +919899217778