INCOME TAX RETURN DUE DATE AY 2012-13 INDIVIDUAL FIRM COMPANIES

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Income Tax department has provided various due date for filing of Income tax return for Various Type of assessees . Provision related to due date of Income Tax return is provided under Section 139 of the Income Tax Act , 1961.As per the provisions of section 139 of the Income Tax Act, 1961 the due dates for filing of returns of income for different category of assessees are as under:We have tabulated the various provisions related to Income Tax return Due date related to Assessment year 2012-13 related to Financial year 2011-12 for all type of assessees and relevant provision has also been reproduced.


Income Tax Return Due Date AY 2012-13
Sr no
Particulars
Due date
1
For such corporate assessees which is required to furnish a report u/s 92E of the Income Tax Act, 1961
30.11.2012
2
For all  other Corporate assessees
30.09.2012
3
For non corporate assessees,   (Like Partnership Firm ,prop Firm) whose accounts are required to be audited  under Income tax act


(Like 44AB turnover is more than 60 lakh in case of business and 15 lakh in case of profession- section 44AB and Business where disclosed profit is less than 8% of the turnover -Section 44AD


or any other act for the time being in force.  
30.09.2012
4
For working partners of Partnership firms covered under sr no (3) above
30.09.2012
5
For any other assessees Like Salaried Income ,Person having Income from House property ,Interest income , Business Income where accounts are not required to be audited .
31.07.2012
(extended to 31.08.2012 ) 
File Your Income Tax return with in due date ay 12-13


Qus : If the last date of filing falls on Saturday or Sunday or Public Holiday and Income Tax Department is closed on these days, can subsequent Monday be treated as "Last date of Filing"? 

Answer: Yes, if Income Tax Department is closed on these days. Otherwise, No.

This year 31st July(Date extended to 31.08.2012) falls on Holiday in Punjab but Income Tax offices remains open on that day. Further 30.09.2012 is also falls on Sunday but All assessees who's Income tax return due date is 30.09.2012 (accounts are required to be audited and corporate assessees ) are required to File return online and online portal is always open and work 24 X 7 .


Qus : Is it mandatory to file return of income after getting PAN?

Answer: No. The liability to file return of income arises only when you total Income is more than exemption limit without deduction u/s 80C to 80U and section 10A and 10B ,section 10BA.

Qus : Who can file the return for a deceased assessee?

Answer: A legal heir can file the return in such case.
=============================================

Revised return {section 139(5)} : Return Filed with in due date can be revised any time before completion of assessment subject to maximum by  the expiry of one year from the end of the relevant assessment year. For Financial year 2011-12 ,if return is filed with in due date then it can be revised by 31.03.2014.
 

Belated Return {section 139(4)} :Every assesse Can file their belated return with in one year from the end of the assessment year relevant to previous year or before completion of assessment u/s 142(1) . For Financial year 2011-12(ay 2012-13) belated (late) return can be filed by 31.03.2014 (i.e one year from end of assessment year 2012-13 ending 31.03.2013)

Consequences of Belated (late) return Filing :

  1. No revision :Late (belated ) return Can not be revised.
  2. Loss can not be carried forward :If any person file late return ,who has sustained a loss in any previous year under the head following head , can not carried forward losses to next year.
    • "Profits and gains of business or profession" or 
    • under the head "Capital gains" 
  3. Penalty :If return is filed after end of assessment year (after 31.03.2013 in case of return of Fy 2011-12) then assessing officer may impose penalty up to Rs 5000/- under section 271F
  4. Interest :Interest Under section 234A @ 1 % per month applicable on Net outstanding Tax due amount .

Other Related Points.

  1. No return If Gross Total Income Less than exemption Limit :No Income Tax Return Return required to be filed If Gross Total Income is less than the Exemption Limit (Income before deduction u/s 80C to 80U and  section 10A and 10B ,section 10BA )
  2. No Income Tax return Salary Income Up to 5 lakh :No Income Tax return required to be filed where  assessee have only  5 lakh Total income including salary Income and saving bank interest up to 10000/-.
  3. Mandatory Return for Firm and Company: Every company and Partnership Firm have to file Income tax return of their Income or Loss. 
Compulsory e filing of Income Tax return with or without digital singnature
Sr No
Person
ITR FORM
Description
1
Individual /HUF
ITR-1, ITR-2 ,ITR-3, ITR-4, ITR-4S
If income exceeding 10 Lakh
2
resident and has

(i) assets (including financial interest in any entity) located outside India; or

(ii) signing authority in any account located outside India
Compulsory e filing of Income Tax return with digital singnature
1
Individual /HUF
ITR-4
if provisions of section 44AB are applicable
2
Firm
ITR-5
if provisions of section 44AB are applicable
3
Company
ITR-6
in all cases


Which Income Tax form You should Use
Sr no.
Form
Person
Description
1
Individual
Income from salary/pension:    or
Income from one house property(excluding where loss brought forward from previous year): or
Income from other sources( excluding winnings from lottery and income from races horses)

Note:Further in a case where income of another person like spouse,minor child,etc.is to be clubbed with the assessee this return form can be used only if the income being clubbed falls in to above income categories.
2
Individual / HUF
Individual who can not file Sahaj above and where the total income does not include any income chargeable to income-tax under the head “Profits or gains of business or profession”,
3
ITR-3
Individual / HUF
partner in a firm and income chargeable to income-tax under the head “Profits or gains of business or profession” does not include any income except the income by way of any interest, salary, bonus, commission or remuneration, by whatever name called, due to, or received by him from such firm
4
ITR-4S
Individual / HUF
deriving business income and such income is computed in accordance with special provisions referred to in section 44AD and section 44AE of the Act for computation of business income
5
ITR-4
Individual / HUF
 Not covered in sr number 1 to 4 Above and deriving income from a proprietory business or profession
6
ITR-5
Partenership Firms (& others)
 Not being an individual or a Hindu undivided family or a company or a person to which Sr no 8 applies.Applicable for All source of Incomes
7
ITR-6
Company
Not covered in 8 below.All Income heads
8
ITR-7
person including a company whether or not registered under section 25 of the Companies Act, 1956
required to file a return under sub-section (4A) or sub-section (4B) or sub-section (4C) or sub-section (4D) of section 139

Download Income Tax return Form Paper Form in PDF

Download Income Tax return for E filing of Return in excel 



Income Tax Return filing  mandatory if your Individual/HUF  income is more than 10  Lakh in Fy 2011-12.So you have e File your return Read notification .However he may file with or without digital signature.
So if your Income is more than 10 Lakh then you have to e file you income tax return and you can not submit income tax return on paper Form.

Before filing of Income Tax return you should check your Tax deducted deposited and collected through Form 26AS. How to check Form 26AS in three ways is available here


Income Tax return Up to 5 Lakh is exempted for salaried person for Asessment year 2012-13 up to taxable income of 5 Lakh Salary including saving bank interest up to ten thousand.

If you have not sign ur online return with digital signature then uploading of xml file on e filing site is not enough ,Please furnish the Form ITR-V to the Income Tax Department , CPC, Post Bag No - 1, Electronic City Post Office, Bangalore - 560100, Karnataka BY ORDINARY POST ONLY within 120 days after the date of transmitting the data electronically .


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