Taxation

An income tax is a tax imposed on an individual(s) or entities (taxpayer) that varies with respective income or profits (taxable income). Taxation rates may vary by type or characteristics of the taxpayer.
 

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Income Tax Return Due Date

For Individual Taxpayers- 31st July of every year.

For Companies and taxpayers requiring Tax Audit- 30th September.

Tax Audit Limit (Section 44AB) 

Tax Audit Limit depends on the total sales/ turnover or gross receipts if it exceeds the following limit: 

In case of Business- Rs. 1 Crore in the previous year

In the case of Profession – Rs.50 lakhs in the previous year.

Presumptive Taxation Scheme (Section 44AD)

A tax audit is required in case total turnover exceeds Rs. 2 Crores.

Maintenance of Books of Accounts (Section 44AA)

Maintenance of Books of accounts is mandatory if income/ profit exceeds Rs. 1.2 lakhs or total sales/ turnover/ gross receipts exceeds Rs. 10 lakhs in any of the 3 immediately preceding Financial Years. 

In case of Individual / HUF- Income > Rs. 2.5 Lakhs, or Turnover > Rs. 25 Lakhs.

Penalty for Late Filing of Income Tax Return (Section 234F)

• Late Filing between 1st August and 31st December – Rs. 5000

• Late Filing After 31st December – Rs.10,000

• Penalty if taxable income is less than Rs.5 lakhs – Rs.1000