Tax Filing

INDIVIDUAL TAX RETURN FILING

Every individual has to file the return of income if his total income (including income of any other person in respect of which he is assessable) ITR-1 must be filed by individuals whose source of income is limited to Salary/Pension, One House Property and other sources (Excluding winning from lottery and race horses). ITR-2 can be used by all individuals and HUFs not carrying out Proprietary business or profession.

PROPRIETORSHIP TAX RETURN FILING

Any individual who has business income is said to be operating a proprietorship firm. Proprietorships operating in India are required to file income tax return each year. Income tax return filing procedure for a proprietorship is similar to individual income tax return filing. The income tax return of a proprietorship that doesn’t require audit is due on 31st July. Proprietorship firms would be required to file Form ITR-3 or Form ITR-4-Sugam. Form ITR-3 can be filed by a proprietor or a Hindu Undivided Family who is carrying out a proprietary business or profession. Form ITR-4-Sugam can be filed by a proprietor who would like to pay income tax under the presumptive taxation scheme

PARTNERSHIP TAX RETURN FILING

All partnership firm are required file the income tax return, irrespective of amount of income or loss. Partnership firms are taxed as a separate legal entity under the Income Tax Act. Partnership firms are liable to pay income tax at the rate of 30% of total income. Partnership firms are required to file income tax return in Form ITR 5 . The income tax return due date for most partnership firms is July 31 of the assessment year. Partnership firms required to get its accounts audited under the income tax Act must file the income tax return before the September 30th deadline.

COMPANY TAX RETURN FILING

Every companies in India is required to file Income Tax return each year . Even dormant company is also required to file income tax return .Companies which are registered in India must file Form ITR 6 .Hence, private limited companies, limited companies and one person companies would be required to file Form ITR6. The accounts of a company must be audited each year by a Chartered Accountant .All companies registered in India are required to file income tax return on or before the 30th of September.

LLP TAX RETURN FILING

All Limited Liability Partnerships are required to file income tax return each year, irrespective of income or loss. If there was no business activity, then a NIL income tax return must be filed before the due date. The income tax rate applicable for LLP registered in India is a flat 30% on the total income. In addition to the income tax, a surcharge is levied on the income tax payable at the rate of 10% when the total income exceeds Rs.1 crore.The deadline for LLP tax filing in India is July 31st. LLPs that are required to obtain a tax audit have 30th September as deadline for filing income tax return. LLPs must file income tax return using Form ITR 5.

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