TAX KI DUNNIYA

In day to day operation, we heared   different forms, returns and reports that are required to file under Income Tax Act and rules thereunder. People usually confused among them that which form or return are fill for a particular purpose. As the complete list of those gone very long, we hereby provide list of some commonly used Forms, Returns, Report and certificate with brief description:

Under following situation Income Tax Return Mandatory to file : Any private, public, domestic or foreign country located and/or doing business in India Any firm including LLP (Limited Liability Partnership) or Unlimited Liability Partnership Any resident who has an asset located outside of India (might include financial interest in some entity as well) OR any resident who retains signing authority for an account based outside India  Individual, HUF, AOP, BOI, AJP if Total income without giving effect to provision of "Chapter VI-A & Sec 54/54B/54D/54EC/54F/54G/54GA/54GB ( not 55EE) , during PY, exceed the basic exemption limits i.e Rs 2.5 lakh. In the following cases, the filing of Income Tax Return is Voluntary : In certain situations individuals or entities are not under compulsory requirement to file the return. In such cases their tax filings are considered as Voluntary returns, which are seen as valid tax returns. Seventh Proviso to Sec 139(1): Applicable from FY 2019-20 ...

 Income Tax Act,1961 offer several tax benefit and compliance relaxation to senior citizen and super senior citizen. Here we are providing a list of benefits available to them. First of all, we have to know who is consider as SENIOR or  SUPER SENIOR CITIZENS . SENIOR CITIZEN Senior Citizen means a resident individual, who is of the age of 60 years or more, but less than 80 years, at any time during the relevant previous year. SUPER SENIOR CITIZEN Super Senior Citizen means a resident individual, who is of the age of 80 years or more at any time during the relevant previous year. As per  CBDT Clarification Circular No 28/2016 dated 27th July 2016     an individual born on 1st April would complete each year of his age on 31st March, i.e. for FY 2019-20 (AY 2020-21), the date of birth (DOB) of individual should be on or before 1 April, 1960/ 1940 to complete 60/ 80 years of age on or before 31 March 2020, for getting income tax benefits/ status as a senior/ ve...