1:20 AM
Classify
the various type of Return
1.Voluntary Return: Assesee voluntary may file the
return of his/ her income to the Income Tax Department. It involves two types
of Assesee.
1) Corporate Assesee: Any corporation or
company registered under Companies Act 2013 is comes under Corporate Assesee.
It has a separate tax rate.
2) Non- Corporate Assesee: These Assesee
are individual, HUF, Partnership Firm (if it is not convert into another
business form). According to Companies Act 2013, it should be individual under
Partnership firm, Partners and Partnership firm is a separate Assesee;
individual partner does not pay any tax. They are exempt because partnership
firm already paid tax.
When file return
1. Regarding Corporate Assesee: No criteria of Income for deciding filling the income
2. Regarding Non- Corporate Assesee: if total income exceeds the minimum taxable limit without
deducting 80C to 80U deduction than Assesee will file the return to income tax
department.
Last date of submission of return:
1.
Corporate Assesee: 30 September of A.Y.
2.
Any Assesee: Accounts are subject to audit under
Income Tax (compulsory audit in Business or Profession)
3.
Individual or HUF: 31 July of A.Y.
4.
Non- Corporate Assesee: 30 November of A.Y.
If an Assesee mis the last working day or the filling on the last
day than it is considered as belated income. If an Assesee not submit on the
due date, they have a chance to file the return.
Before the expiry of the assessment year or within the any
date of the assessment year(whichever is earlier). If tax liability is due. According
to under section 234 C Penalty is charged. If no tax liability then no penalty
is charged.
2.
Defective Return:
It means something is missed. For ex. Some expenses or some income, if anything
is not filled by Assesee or if any revision is necessary revise means only
original is allowed. Only the original return is allowed as per Income Tax Law.
Sometimes Government may increase the last day to file the return (In case
belated return the revised return of Income is not permitted.)
Return
of Loss: Return of Income as the name suggests
we file the Income but in case there is loss return is file. In few cases return
is not file when loss is occurred.
Cases
in which filling of return of loss is compulsory
1.
Loss under Business or Profession
including speculation and Non-speculation business.
2.
Loss from Capital Gain (Long term or
Short term both)
3.
Loss from maintaining or owing the horse
races. (Lottery is a casual income, there is no loss in lottery. No deduction
is allowed.
Filing of return of
loss is compulsory because it reduce income in future at the time of set off and
it is not compulsory that loss is the actual loss. It may be profit after
checking by Assessing Officer.
Cases
in which filling of return of loss is not compulsory
1.
In case of loss from House Property or
Staff occupied house.
2.
Loss due to Unabsorbed depreciation
3.
Loss due to Capital expenditure of
Scientific Research other than land
4.
Expenditure on the Family planning
3.Compulsory
Return: If an Assesee crossed the minimum taxable limit
considering all deduction u/s 80C to 80U or if return is not filled by Assesee.
A notice of demand is serve by Assessing Officer to the Assesee regarding for
filling of return after expiry the due date of filling of return. A specific
period would be given to return the file. Within the time framework assesee can
not file the return under the notice of Demand.
“Best Judgment Assessment”
would be made by assessing officer. It is called as ‘Ex- party’. It takes decision
in the interest of both the party. If compulsory notice is given then according
to “U/S 234C” interest is charged.
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