Income Tax Return Filing – Capcare Consultancy Pvt. Ltd

Partnership Income Tax Return Filing

To file tax returns for a partnership firm, one needs to use the Form ITR-5. The form ITR-5 is utilized to file tax returns for the partnership firm itself and not for the firm’s partners. Also, it must be noted that while filing these returns, one does not want to add any approving documents. The deadline for filing income tax for a partnership firm is dependent on whether the firm is expected to be audited or not. – Where the firm is not expected to be audited, the income tax returns must be filed by 31st July. – Where the firm is expected to be audited, it has to file its income tax returns by 30th September.

Private Limited Tax Return Filing

Directors of Private Limited Companies are responsible for the company’s profit or loss. Each Private Limited Company in India must file an annual Income Tax return. This applies regardless of turnover, net profit, or loss. Annual tax filing is also acceptable for inoperative companies. The self-reporting of income tax to tax officials is a way for the company to report its annual income and expense. Companies must file tax annually in India. However, advance tax payments for companies are quarterly required. Companies must file their annual income tax returns by 30 September each year.

OPC Company ITR

All registered companies, whether they are private limited, limited company or one-person, must file annual returns with ROC each year. OPC is required to hold an annual general assembly, and annual accounts with ROC must be kept. Company Act 2013 requires that your fiscal year must begin on April 1st and end on March 31st. With Book My Consultant, filing OPC Annual Returns can be simple, painless, and the quickest.

Types of ITR Forms

ITR-1: For Individuals being a Resident (other than Not Ordinarily Resident) having Total Income up to Rs.50 lakhs, having Income from Salaries, One House Property, Other Sources (Interest, etc.), and Agricultural Income up to Rs.5 thousand(Not for an individual who is either Director in a company or has invested in Unlisted Equity Shares).

ITR-2: For Individuals and HUFs do not have income from profits and gains of business or profession.

ITR-3: For individuals and HUFs having income from profits and gains of business or profession

ITR-4: For Individuals, HUFs, and Firms (other than LLP) being a Resident having Total Income upto Rs.50 lakhs and having income from Business and Profession which is computed under sections 44AD, 44ADA or 44AE

ITR-5: For persons other than Individual, HUF, Company (Partnership Firm, Aop / Boi)

ITR-6: For Companies other than companies claiming exemption under section 11

ITR-7: This form is relevant for all people who are required to file tax returns under the Section 139(4A), Section 139(4B), Section 139(4C), Section 139(4D), Section 139 (4E), or 139 (4F) that mainly includes Trust, University, etc.