Is it mandatory to file income tax return for companies?
Yes, it is mandatory for every partnership firm to file the return of income irrespective of amount of income or loss.
What happens if a company does not file ITR?
Non-filing of ITR can lead to imprisonment, where the term can vary between 3 months and 2 years. Non-filing of ITR can lead to imprisonment, where the term can vary between 3 months and 2 years.
Is it mandatory to file ITR for director of company?
No, it is not mandatory for director to file ITR but is is advisable to file as it gives better credibility to the Co.
Who are responsible for submitting return of income?
An individual is obligated to file an ITR in the prescribed form if his/her gross taxable income [calculated before eligible exemption available for long-term capital gains on listed securities upto Rs 1 lakh and other deductions under Chapter VI-A of the Act] during a particular FY exceeds the maximum amount not
Who is exempt from filing income tax return in India?
According to the amendment, salaried individual with a taxable income of less than Rs. 5 lakh will not have to file income tax returns in the current assessment year. As such, individuals with a total taxable salary income of less than Rs. 5 lakh & bank interest upto As.
Does my company file ITR?
Is it mandatory to file an ITR, even though there is the tax deducted at source (TDS) already done by my employer? Yes, if your income exceeds the exemption limit or you fulfill other criteria that make it mandatory for you to file your ITR, you need to file it even if no tax is due.
Can you go to jail for not paying taxes in India?
Cases where the amount of tax sought to be evaded or tax on under-reported income is lesser than ₹25 lakh, the person can be punished with imprisonment of at least three months and up to two years and with fine. Tax evasion is a crime. Income Tax department has a rigorous punishment for tax evaders.
What happens if you dont file ITR India?
If the taxpayer fails to file the ITR by the due date then penalty interest at the rate of 1% per month is levied on the outstanding tax. Further if the outstanding tax liability is over Rs. 1 lakh, section 234A applies from the original due date which happens to be July 31, 2021 in the current case.
What is penalty for non filing of income tax return?
As per the changed rules notified under section 234F of the Income Tax Act, filing your ITR post the deadline, can make you liable to pay a maximum penalty of Rs. 5,000.
Who does not need to file taxes?
Consider your gross income thresholds (Part 1) If your income is less than your standard deduction, you generally don’t need to file a return (provided you don’t have a type of income that requires you to file a return for other reasons, such as self-employment income).
Is it mandatory to file income tax return for income less than 5 lakhs?
Many people believe that they don’t need to file their tax returns if their total income is below INR 5 lakh, which is not really True. The real fact is that no changes have been made in the income slab for the two years, i.e. FY 2020-21 and FY 2021-22 by the central government.
Is it mandatory to file income tax return in India?
The government has now made it mandatory for an individual to file income tax returns if his/her total TDS/TCS during the financial year is Rs 25,000 or more even if the individual’s income is below the basic exemption limit.
Does everyone have to file a tax return India?
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) without giving effect to the provisions of section 10(38), 10A, 10B or 10BA or 54 or 54B or 54D or 54EC or 54F or 54G or 54GA or 54GB Chapter VIA (i.e., deduction under
Do I need to file ITR if income is less than 2.5 lakhs?
A majority of people think that if their income is less than Rs. 2.5 Lakhs, they are not liable to file Income Tax Returns (ITR). However, this is a big misunderstanding; under some circumstances filing ITR is mandatory even if you earn less than Rs. 2.5 Lakhs.
Do companies file ITR for employees?
ITR forms applicable for salaried employees
ITR-1 (Sahaj): Salaried employees with a total income of up to ₹50,00,000 must file their income tax returns with ITR-1. Here, the total income includes earnings under the ‘Income from Other Sources’ alongside salaries.
Is it mandatory to file ITR for non salaried person?
If you are wondering how to file an income tax return for a non-profit organisation or a firm/company, know that it is mandatory to file ITR in such cases regardless of profit or loss.
Is it mandatory to file nil income tax return?
If an individual has less than Rs. 2.5 lakhs of income in a year, he or she is not required to file NIL return. However, it is recommended that an individual file NIL return, even if the taxable income is less than Rs. 2.5 lakhs if the assessee had filed an income tax return for the previous year.
Can I go without filing nil return?
Can I go without filing a nil return? Yes you can. But it is recommended that you file a nil ITR, even though your income is below Rs. 2.5 lakhs.
How do I file a company nil return?
Step By Step Guide On How to File KRA Nil Returns In 2022
- Step 1: Visit KRA iTax Portal. …
- Step 2: Log Into KRA iTax Dashboard. …
- Step 3: Click On File KRA Nil Returns Tab. …
- Step 4: Select The KRA Nil Return Form. …
- Step 5: Fill The Income Tax – Resident Individual Nil e-Return Form.
Who is liable for ITR?
Who is eligible for income tax return? While any one having a valid PAN is eligible to file IT return even if their income is below exemption limit, it is mandatory for companies and firms to file ITR. Individuals whose taxable income exceeds the maximum amount not chargeable to tax are eligible for income tax return.
What is the minimum income to file ITR?
NRI or not, any individual whose income exceeds Rs 2.5 lakh (for FY 2020-21) is required to file an income tax return in India.