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Can a company of professionals file ITR 4 for presumptive income?

Asked 2018-06-20 11:50:06 by Anonymous -

Answered by NewsBytes

No, you cannot use ITR 4. Only Individuals, proprietors, HUF, partnerships can use ITR-4. Companies, AOP, BOI, limited liability partnerships cannot file ITR 4.

What is ITR-V?

Asked 2018-06-20 11:49:39 by Anonymous -

Answered by NewsBytes

After you have successfully submitted your income tax return, you get an acknowledgment from the IT department called the ITR-V or Income Tax Return-Verification. You receive an e-mail on your registered e-mail ID from the Income Tax Department containing the ITR-V.

What is the difference between assessment year and financial year?

Asked 2018-06-20 11:49:25 by Anonymous -

Answered by NewsBytes

AY stands for the assessment year and FY stands for the financial year. From an income tax perspective, FY is the year in which you earn an income. AY is the year following the financial year in which you have to evaluate the previous year's income and pay taxes for it.

Why do I have to file returns in the Assessment year and not in the financial year?

Asked 2018-06-20 11:49:10 by Anonymous -

Answered by NewsBytes

The income from any particular financial year is evaluated and taxed in the assessment year. Hence, income tax return forms have AY. As income is earned in a financial year but it cannot be taxed before it is earned, so, it has to be evaluated and taxed after the financial year ends. Hence, taxpayers have to select AY while filing their income tax returns.

What are the various years with respect to income tax?

Asked 2018-06-20 11:48:40 by Anonymous -

Answered by NewsBytes

Income-tax is levied on the annual income of a person. The year under the Income-tax Law is for a period starting from 1st April and ending on 31st March of next calendar year. The Income-tax Law classifies the year as (i) Previous year, and (ii) Assessment year.

Is the due date for filing tax returns same for all taxpayers?

Asked 2018-06-20 11:48:08 by Anonymous -

Answered by NewsBytes

No, the due date for all the taxpayers is not the same. For individual taxpayers, the due date is 31st July of the assessment year.

I have not paid income tax for previous years. Can I pay them now?

Asked 2018-06-20 11:47:42 by Anonymous -

Answered by NewsBytes

Yes, in any given financial year, you can file the returns for the last two years. For e.g in Financial Year 2018-19, you can file returns for both FY 2017-18 and FY 2016-17 online.

My company deducts TDS. Should I still file an ITR?

Asked 2018-06-20 11:47:11 by Anonymous -

Answered by NewsBytes

Yes, you have to file an ITR. You have to understand that deducting TDS and filing a tax return are two different things. In fact, you file a tax return to show that you've paid all the tax you needed to pay. The income tax return is a very useful document when it comes to applying for a loan or visa.

My income is above Rs.50 Lakhs, which ITR form should I fill?

Asked 2018-06-20 11:46:58 by Anonymous -

Answered by NewsBytes

In case of income from salary more than Rs 50 lakhs, ITR 2 will be applicable. ITR 1 is applicable only when your income is less than Rs 50 lakhs.

My income is less than the taxable income, should I file a return then also?

Asked 2018-06-20 11:46:45 by Anonymous -

Answered by NewsBytes

Yes, it is advisable to e-file your income tax returns even if you don't fall under the taxable income category. A zero-return filing will be of help when you need to get your tax refund or apply for a loan or visa.