Filing of Income Tax Return for Asst Year 2016-17
Whether Mandatory or not
Due dates for filing of Income Tax Returns
Benefits of filing ITR before due dates
Additional Disclosures
Mandatory Filing:
Whether Mandatory or not
Due dates for filing of Income Tax Returns
Benefits of filing ITR before due dates
Additional Disclosures
Mandatory Filing:
-
For Companies and partnership
firms.
-
For Individuals, HUFs and
association of persons income tax return filing is mandatory if gross total
income is exceeds the minimum exemption limit. The gross total income is income without giving
effect of section 10 for exemption of income from tax or deductions under
chapter VI of the Income Tax Act. So in case of Individuals return filing is not mandatory if gross
income is less than maximum exemption limit.
-
For resident senior
citizen aged 60 years and above but less than 80 years if income is above Rs.300000/-
-
For resident super senior
citizen aged 80 years or above if
income is above Rs.500000/-
-
For any other individual
or HUF ( Not Senior Citizen or Super Senior) if income is above Rs.250000/-
-
It is mandatory to file income-tax return by newly inserted
provision to section 139(1) if assessee is resident and having
a) Assets located outside
India
b)
Signing Authority in any bank
account outside India
c)
Financial interest in any entity
located outside India
d)
Income from any source
outside India.
The assessee is required to provide details in
income tax return for Assessment Year 2016-17 particulars of such foreign assets,
banks accounts where in having signing authority and other financial interests
in entities outside India.
Rates of Income Tax for Asst Year
2016-17
Class of persons
|
Tax slab (Amount)
|
Tax rate
|
Resident senior citizen above the age of 60
years but below the age of 80 years
|
Up to Rs. 3,00,000
|
Nil
|
Rs. 3,00,000 to Rs. 5,00,000
|
10%
|
|
Rs. 5,00,000 to Rs. 10,00,000
|
20%
|
|
Above Rs. 10,00,000
|
30%
|
|
Resident super senior citizen with age of 80
years or above
|
Up to Rs. 5,00,000
|
Nil
|
Rs. 5,00,000 to Rs. 10,00,000
|
20%
|
|
Above Rs. 10,00,000
|
30%
|
|
Any other individual or HUF other than
senior citizen or super senior
|
Up to Rs. 2,50,000
|
Nil
|
Rs. 2,50,000 to Rs. 5,00,000
|
10%
|
|
Rs. 5,00,000 to Rs. 10,00,000
|
20%
|
|
Above Rs. 10,00,000
|
30%
|
Less: Rebate under Section 87A [see Note]
Add: Surcharge and Education Cess [see
Note]
a) Surcharge: The amount of income-tax shall be increased by a
surcharge at the rate of 12% of such tax, where total income exceeds one crore
rupees. However, the surcharge shall be subject to marginal relief (where
income exceeds one crore rupees, the total amount payable as income-tax and
surcharge shall not exceed total amount payable as income-tax on total income
of one crore rupees by more than the amount of income that exceeds one crore
rupees).
b) Education
Cess: The amount of income-tax and the applicable surcharge,
shall be further increased by education cess calculated at the rate of two per
cent of such income-tax and surcharge.
c) Secondary
and Higher Education Cess: The
amount of income-tax and the applicable surcharge, shall be further increased
by secondary and higher education cess calculated at the rate of one per cent
of such income-tax and surcharge.
d) Rebate under
Section 87A: The
rebate is available to a resident individual if his total income does not
exceed Rs. 5,00,000. The amount of rebate shall be 100% of income-tax or Rs.
2,000, whichever is less.
Due Dates of Income Tax Returns
for Assessment Year 2016-17
Category of Assessee
|
Due date of filing of Income Tax return
|
All Assessees not subjected to audit under
any Section of Income Tax Act,1961
All Company Assessees and all other assessees
subjected to Tax audit under section 44AB including Co-operative Societies
|
31st July 2016
September 30, 2016
|
All assessees subjected to transfer pricing audit for furnishing report
in Form No. 3CEB
|
November 30, 2016
|
Benefits
of filing of Income Tax Returns before due dates
Right
to revise:
The assessee gets the right to revise the return if it is
filed before the due date and later on want o revise the return due to some
mistake or any income has escaped or some TDS has not been claimed in Original
Return. The belated return can not be
revised.
Right
to interest on refund due from 1st April till refund is processed by
the Income Tax Authorities
The Assessee is entitled for
interest @6% per annum for any refund due to assessee for the period from 1st
April till the refund is processed by the Income Tax authorities.
In case of belated return the
Assessee is not entitled for the period from 1st April till date of filing
of return.
Carry
forward and set off of losses
The assessee gets the right of
carry forward of losses to be set off against incomes of nextyears but if fails
to file before the due date he has the right for carry forward of losses under
head a) Income from House property and Depreciation loss under the head
business and profession income and losses the right to carry forward of losses under
the head a) business or profession b) Capital gain.
File
before 31st March of the relevant financial year if miss the due
date
Penalty
if Assessee does not file Income Tax return before 31st March
If assesee does not file the
Income Tax Return even by 31st March of the relavant financial year
i.e immediately after the financial year for which return is to be filed a
penalty of Rs.5000/- may be imposed by the tax authorities even if no tax is
due and assessee is not able to provide a reasonable cause for such delay.
Additional disclosures in Form ITR 1 and ITR 2 for Asst Year 16-17
Earlier Statement of Assets and liabilities was required to be disclose for the assessees having income above Rs.25 lacs but for Asst Year 2016-17 this threshold limit for disclosure of assets and liabilities has been increased from Rs.25 Lacs to Rs.50 Lacs.
Additional disclosures in Form ITR 1 and ITR 2 for Asst Year 16-17
Earlier Statement of Assets and liabilities was required to be disclose for the assessees having income above Rs.25 lacs but for Asst Year 2016-17 this threshold limit for disclosure of assets and liabilities has been increased from Rs.25 Lacs to Rs.50 Lacs.
For the assessees having income above Rs.50 Lacs and filing ITR 1 and 2 it is mandatory to disclose :
1. Immovable Assets a) Land b) Building
2. Movable Assets a) Cash in Hand b) Jewellery, Bullion etc c) Vehicles
3. Any Liability in relation to above assets only
