Filing of income tax return
Section 139 of the income tax act, 1961 deals with the submission of income tax return mandatorily for the following person:-
1. Every company
2. Firm, Limited liability partnership firm
3.Any other person whose total income exceed exemption limited
Return of Loss
Under section 139 (3) of the income tax act deals with the loss incurred by the company or firm.
It is also provided that there is no need file the return of loss but set off and carry forward of losses as per the chapter 80 under the head of business or profession cannt be set off unless the return of loss filed.
Belated return
If any assessee has not submitted his return of income.
a) on or before the due date mentioned under section 139(1) or
b)time allowed under a notice issued by the assessing officer.
Revised return (Section 139(5))
If any assessee after furnishing the return of income tax
a) under section 139
b)in pursuance of to a notice under section 142(1)
Discovers any omission or any wrong statement in the return filed he may furnished a revised return.
Slab rate
Income tax slab below 60 years
| Income Tax slab | Income Tax Rate |
| Income upto 250000 | NIL |
| 250001-500000 | 5% of income exceeding Rs . 250000 |
| 500001-10,00,000 | 20% of income exceeding 5,00,000 |
| Income above 10,00,000 | 30% of income exceeding Rs. 10,00,000 |
Income tax slab for senior citizen above 60 but below 80 years
| Income Tax slab | Income Tax Rate |
| Income upto 300000 | NIL |
| 300000-500000 | 5% of income exceeding Rs . 200000 |
| 500001-10,00,000 | 20% of income exceeding 5,00,000 |
| Income above 10,00,000 | 30% of income exceeding Rs. 10,00,000 |
Income tax slab for super citizen above 80 years
| Income Tax slab | Income Tax Rate |
| Income upto 500000 | NIL |
| 500001-10,00,000 | 20% of income exceeding 5,00,000 |
| Income above 10,00,000 | 30% of income exceeding Rs. 10,00,000 |
** Surcharge :
10% of income tax, where total income exceed between 50 lacs to 1cr
15% of income tax, where total income exceed 1cr
** Health and education cess:
4% Income tax slab for companies
| Income Tax slab | Income Tax Rate |
| Gross turnover upto 250cr in previous year | 25% |
| Gross turnover upto 250cr in previous year | 30% |
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In addition cess and surcharge is levied as follows: Cess: 3% of corporate tax
Surcharge: Taxable income is more than 1Cr. but less than 10Cr.: 7%
Taxable income is more than 10Cr. :12%
Due Date of filing
For Individuals/LLP without audit:- 31st July
For companies/ individuals/LLP with audit:- 30th sep
Penalty for not filing of Income tax return
A taxpayer is liable to pay late ITR filing fees of:
a) Section 243f
| E- Filing Date | Total income Below Rs 5,00,000 | Total income Above Rs 5,00,000 |
| Up to 31st August 2018 | Rs 0 | Rs 0 |
| Between 1st September 2018 to 31st December 18 | Rs 1,000 | Rs 5,000 |
| Between 1st January 19 to 31st March 19 | Rs 1,000 | Rs 10,000 |
B)
Unable to set of the losses
c)Interest on the delay of filing return
d) Belated return cannt be revise.
Click here to calculate the your tax https://www.incometaxindia.gov.in/Pages/tax-calculators.aspx?lang=eng
To download the utilityhttps://www.incometaxindiaefiling.gov.in/downloads/incomeTaxReturnUtilities?lang=eng