Monday, June 25, 2012

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


on Monday, June 25, 2012

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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  1. nice piece of information has been provided

    ReplyDelete
  2. can nri open a ppf a/c and claim relief under section 80 c

    ReplyDelete
  3. For those individuals who have long-term capital gains income, is the date for filing the return is 30th September?

    ReplyDelete
    Replies
    1. 30 September is applicable where books are required to be audited under any law for the time being in force

      Delete
    2. No for individual whose books of accounts not required to be audited should file his/her return on or before 30/08 of respective year

      Delete
  4. Hellow sir,

    pl. guide me my brother (C.N. Joshi)is fix Salaried person (upto Mar-2012 then full pay)and we supplied one vehicle provide in govt.UT company (name :- C.N. Joshi) so they are deduct TDS in out monthly bill. how can I revers the TDS amount, which ITR I fill ? previous year (2010-2011) I fill ITR-4

    ReplyDelete
    Replies
    1. This year also you have to fill ITR-4

      Delete
  5. Nice information....good to have this information....as mentioned above non-filing of return have penalty of 5000...which is for all returns filed after due date or only haveing tax liablity???....pleas reply

    ReplyDelete
    Replies
    1. 5000 penalty applicable on if you file after 31.03.2013 .

      read more here

      http://www.simpletaxindia.net/2012/07/penalty-on-late-filing-of-income-tax.html

      Delete
  6. i have transportation business and i'm was paying tax through one of our C.A friend ,but i need to know that can i file my returns myself and what is the procedure for e filing? please guide me..

    ReplyDelete
    Replies
    1. Procedure for e filing is given here

      http://www.simpletaxindia.net/2012/04/how-to-e-file-your-income-tax-return-ay.html

      Delete
  7. Vijendra Mohan ChandolaAugust 13, 2012 at 1:11 PM

    Income Tax paid for the yr 2010-11. Can I file now return for the year 2010-11

    ReplyDelete
    Replies
    1. If 2010-11 refered by you is assessment year ,then no you can file return now . If 2010-11 is financial year then you can file return by 2012-13

      Delete
  8. in partnership firm tell me the rules for paying salary to partners and interest to partners

    ReplyDelete
    Replies
    1. read details here

      http://www.simpletaxindia.net/2009/03/book-profit-salary-to-partners.html

      Delete
  9. sir maine A.y. 2011-12 ke rturn tax wali file kar de but mera
    rs.152000 ka refund ban rha tha return 30.09.2011 ko file kri thi tho main use revise kr skta hu kya plz help me [email protected]
    Jatin Nanda
    8802758396

    ReplyDelete
  10. Hi,
    In the previous year,i worked for 2 companies.
    The first company gave me HRA, but did not give me any deduction benefit for HRA or 80C, when they gave me my form 16.
    The second company gave me partial benefit for 80C and HRA benefit.
    So I have ended up paying more tax than I should, and I wish to reclaim it while filing my ITR.
    Since I am doing e-filing ( as my gross income exceeds Rs 10 lakh), and am using the XL file utility to generate the xml and file my return, my question is ::
    What figures should I provide in Section 23, column 4 of page 2 titled, "Details of TDS from Salary as per form 16".
    Should i give the figure for "Income Chargeable under the head salaries" as per form 16, even when i know that it is wrongly calculated. OR
    Should i give the correct figure for this heading, as per the calculation, AFTER providing the complete benefits for HRA and U/S 80C.

    Thank you in advance
    Lalit

    ReplyDelete
    Replies
    1. In Sr number 23 Figure must be as per Form 16

      However at sr number one you may correct salary income as per actual after deduction of HRA .

      Further you can fill actual 80C benefit in 80C column of ITR

      Delete
    2. But when we give the details as per form 16, it does not generate the xml. It infact displays the error that the salary should not be lesser than the TDS1.

      Delete
    3. then you have to reduce income in tds schedule also.

      Delete
  11. For financial year 2007-2008 assessment year 2008-2009. i filed a return through paper. IT dept send me some CPC letter about some dispute of TDS which my company already paid correctly. I didn't see the letter. Can i rectify this and get the refund now. do i need to go with paper submission or the e filing.

    ReplyDelete
  12. For AY 2012-2013, I have filed ITR2 return online after due date i.e. after 31/08/2012. In this return, I have by mistake selected 'Return filed under section - 139(1)' instead of 'Return filed under section - 139(4)'
    However I have NIL Tax liability/Tax Refund for AY2012-2013.

    Please let me know what I have to do?

    ReplyDelete
    Replies
    1. In our view ,this is a minor error and you should ignore it. Further as their is no balance tax due so no penalty

      Delete
  13. sir
    what is a last of filing of return of individual partner of audited partnership firm (30.09.2012 or 31.03.2013)
    if they have a also income from other business .

    ReplyDelete
    Replies
    1. 30.09.2012 , however if no tax is payable , person can file return by 31.03.2013 without penalty .

      However belated return can not be revised

      Delete
  14. kitane din kay ander ata hai refund tds ka mera ITR-4 hai pls muje javab do

    ReplyDelete
  15. who will file return of assessee if he does not have legal heir?

    ReplyDelete
  16. [email protected] site is not opening. Whay to do? Can anyone help?

    ReplyDelete
  17. Can i fill AY 10-11 Income Tax NIL Return in AY 13-14.

    ReplyDelete
  18. sir our company is proprietorship firm this year we didnot file the returns due to some personal problems we can submit now please advise me sir.

    ReplyDelete
    Replies
    1. Yesa , you can still file return for Ay 2011-12(financial year 2010-11) and AY 2012-13(financial year 2012-13)

      Delete
  19. Sir, is there not any exemption for woman tax payer?

    ReplyDelete
    Replies
    1. no ,exemption this year to woman

      Delete
    2. No EXTRA exemption to females this year . Exemption limit is same as of males i.e 200000

      Delete
  20. I am working in PNG Country for last 3years. For the 1st 1.5 years, i have worked with Dhanush Consultant with Indian Salary (30K/month) with per Diem 79AUD/day. Now for last 1 year, i am working as Company employee for PNG Country's company and getting paid in Kina.
    In PNG, they are deducting 40% of our salary as Tax.
    I have some FD in ICICI Bank and Axis Bank and getting Interest more than 10,000. Hence loosing Interest bec. of TDS.
    I have some Lie and Health insurance , kids school fee and Rental Home for 80C.
    Should I pay Income Tax for India also?
    How can i return Income Tax File to rebate tax of TDS ?
    Reponses are much appreicated.
    mail Id : [email protected], [email protected]

    Thanks with advance - Nalls

    ReplyDelete
  21. Do I have to again file any kind of return after doing the payments as per the tax demand by intimation u/s 143(1)?

    ReplyDelete
    Replies
    1. no , return not required to be filed , just inform the income tax authority after deposit of tax on plain paper , attach photo copy of demand letter an tax payment challan receipt

      Delete
  22. I had not submit my income tax return for assessment year 2011-12 & 2012-12 till now. Because lawyer doesnot submit return as yet.
    What is the possibility to submit the income tax return for the previous assessment year.

    ReplyDelete
    Replies
    1. you can still submit your return for ay 2012-13 as well as ay 2012-13 without any penalty before 31.03.2013 ,so don't wait and file return now.

      http://www.simpletaxindia.net/2012/07/penalty-on-late-filing-of-income-tax.html

      Delete
  23. can i file Nil IT return for the FY 2010-11 in FY 2013-14 without any penalty?

    ReplyDelete
    Replies
    1. No ,now it can not be filed ,with or without penalty .It can be filed only up to 31.03.2013

      Delete
  24. Thanks for this meaning full information…above is very good blog on

    Finance
    Thanks

    Kiran

    ReplyDelete