Find the Suitable Income Tax Return Form for Filing Your Returns Here

06 May 2024
sneha
Income Tax, ITR
Comments Off on Find the Suitable Income Tax Return Form for Filing Your Returns Here

Find the Suitable Income Tax Return Form for Filing Your Returns Here

Income Tax Department Enables All Return Filing Forms and Releases ITR-6 Excel Utility for AY 2024-25

The Income Tax Department has activated all return filing forms, including ITR-1, ITR-2, ITR-4, and ITR-6, on the e-filing portal for the purpose of filing returns.

Additionally, the department has made available the excel utility for ITR-6 specifically for Assessment Year 2024-25. Previously, excel utilities for ITR-1, ITR-2, and ITR-4 for the same assessment year were also made accessible.

During the first month of Assessment Year 2024-25, the tax department has received approximately 6 lakh returns. Notably, nearly two-thirds of these returns have already undergone processing.

If you’re aiming to file your tax return ahead of the usual deadline of July 31 and want to file early this year, you might be interested in determining which form is required for filing your income tax return.

Income Tax Return filing forms

ITR-1

This form is designed for individuals who are residents (excluding those who are not ordinarily residents) with a total income of up to ₹50 lakh. It applies to individuals who earn income from salaries, one house property, other sources (such as interest, etc.), and agricultural income up to ₹5,000.

ITR-2

This form is intended for Individuals and Hindu Undivided Families (HUFs) who do not derive income from profits and gains of business or profession.

ITR-4

Income Tax Return Form 4 is applicable to individuals, Hindu Undivided Families (HUFs), and firms (excluding LLPs) who are residents and have a total income of up to ₹50 lakh. They should have income from business or profession calculated under sections 44AD, 44ADA, or 44AE. Furthermore, the taxpayer should not have agricultural income exceeding ₹5,000.

ITR-6

This tax filing form is meant for the companies besides the entities claiming exemption under section 11.

Read More: Difference Between Advance Tax and Self-Assessment Tax

Finance Minister Nirmala Sitharaman has refuted media reports that claimed that the BJP if re-elected will bring some key changes in the tax system after the Lok Sabha polls ensure a victory.

Find the Suitable Income Tax Return Form for Filing Your Returns Here

Find the Suitable Income Tax Return Form for Filing Your Returns Here Income Tax Department Enables All Return Filing Forms and Releases ITR-6 Excel Utility for AY 2024-25The Income Tax Department has…

Income tax compliance calendar for May 2024

Income tax compliance calendar for May 2024 May 7 The deadline for paying April 2024's TDS (Tax Deducted at Source) and TCS (Tax Collected at Source) liabilities May 15 1.…

Save TDS on interest income: Form 15G & Form 15H

Save TDS on interest income: Form 15G & Form 15H Form 15G and Form 15H are self-declaration forms used by individual taxpayers to request tax deductors, such as banks and…

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Income tax compliance calendar for May 2024

03 May 2024
sneha
Income Tax, Tax Update
Comments Off on Income tax compliance calendar for May 2024

Income tax compliance calendar for May 2024

May 7

The deadline for paying April 2024’s TDS (Tax Deducted at Source) and TCS (Tax Collected at Source) liabilities

May 15

1. Date by which TDS certificates must be issued for taxes deducted in March 2024 under sections 194-IA, 194-IB, 194M, and 194S.

2. The deadline for government offices that paid TDS/TCS for April 2024 without a challan to provide Form 24G.

3. The date by which TCS must submit its quarterly statement for the quarter ending March 31, 2024.

May 30

1. Form 49C must be submitted for FY 2023–2024 by non-residents with a liaison office in India.

2. The deadline for submitting thechallan-cum-statement for taxes withheld in April 2024 under sections 194-IA, 194M, 194-IB, and 194S.

3. The fourth quarter of FY 2023–2024 is when TCS certifications must be issued.

May 31

1. The deadline for filing the TDS deposited quarterly statement for the quarter ending March 31, 2024, is March 31.

2. The deadline for submitting a tax deduction return for contributions made by trustees of a superannuation fund that has been approved.

3. The deadline for submitting the FY 2023–24 Statement of Financial Transactions (Form 61A) is approaching.

4. The deadline for non-individual residents who transacted for at least Rs 2,50,000 lakh during the fiscal year 2023–2024 to apply for PANs.

Read More: Save TDS on interest income: Form 15G & Form 15H

1. Deadline for furnishing statement in Form 10 to accumulate income for future application under section 10 (21) or 11 (1).

2. Deadline for submitting a donation declaration in Form 10BD for FY 2023–2024 under section 80G (5) (iii) or 35 (1A) (i).

To guarantee timely compliance and prevent fines or other repercussions, taxpayers should take particular note of these deadlines.

Find the Suitable Income Tax Return Form for Filing Your Returns Here

Income tax compliance calendar for May 2024

Income tax compliance calendar for May 2024 May 7 The deadline for paying April 2024's TDS (Tax Deducted at Source) and TCS (Tax Collected at Source) liabilities May 15 1.…

Save TDS on interest income: Form 15G & Form 15H

Save TDS on interest income: Form 15G & Form 15H Form 15G and Form 15H are self-declaration forms used by individual taxpayers to request tax deductors, such as banks and…

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For FREE

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Save TDS on interest income: Form 15G & Form 15H

02 May 2024
sneha
Uncategorized
Comments Off on Save TDS on interest income: Form 15G & Form 15H

Save TDS on interest income: Form 15G & Form 15H

Form 15G and Form 15H are self-declaration forms used by individual taxpayers to request tax deductors, such as banks and financial institutions, not to deduct TDS if their estimated tax liability for the relevant financial year is Nil.

Under Section 194A of the Income Tax Act, 1961, banks must deduct TDS on interest income exceeding Rs. 40,000 (or Rs. 50,000 for senior citizens) in a financial year. However, if the taxpayer’s estimated tax liability is Nil, they can submit Form 15G or 15H to the bank to prevent TDS deduction from their interest income.

These forms can usually be submitted electronically through the banks’ or financial institutions’ online portals, or they can be physically submitted at the relevant bank branch.

Additionally, it’s important to note that these forms are valid for one financial year only and need to be submitted separately for each financial year.

Who Can Submit Form 15G

According to Section 197A(1A) of the IT Act in conjunction with Rule 29C of the IT Rules, 1962, residents who are under 60 years old, HUFs, trusts, or any other assessee whose estimated tax due for the applicable fiscal year is zero may file Form 15G. Any business, firm, or non-resident, however, would not be qualified to file Form 15G.

Who Can Submit Form 15H

Senior citizens (those 60 years of age or over) whose estimated tax liability for the relevant financial year is Nil may file Form 15H in compliance with Section 197A(1C) of the IT Act read with Rule 29C of the IT Rules, 1962.

Deadline for Submitting Form 15G and Form 15H

Ideally, these forms should be submitted before the commencement of the financial year for which TDS deduction applies or before receiving the first income payment subject to TDS.
However, they can be submitted at any time during the financial year.

Read More: Difference Between Advance Tax and Self-Assessment Tax

The deductor will honor these forms for the respective financial year from the submission date until the end of that financial year. For example, if the taxpayer submits the form in August, TDS deducted from April to August would only be refunded (if applicable) after filing the tax return. This can result in unnecessary funds being held by the taxpayer.
Therefore, it is advisable to submit the forms well in advance to avoid TDS deduction on your income.

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Find the Suitable Income Tax Return Form for Filing Your Returns Here