INCOME TAX RETURN IN KRISHNANAGAR

Krishnanagar municipality was established in 1864 and is one among the oldest municipalities. it's claimed to be named once Krishna Chandra Ray (1728–1782). Previously, the town (village) was known as ‘Reui’. The Rajbari designed here during the reign of Zaminder Krishna Chandra Roy is a prominent tourist attraction, although the remnants of the past glory are worn and only a dilapidated structure of the exquisite places with carving on its inner walls stay today.

Krishnanagar is found at 23.4°N 88.5°E. the area of the municipality is around sixteen km2. it's located on the southern banks of the Jalangi river. it's an average elevation of fourteen metres (46 ft). The Tropic of Cancer passes through the outskirts of Krishnanagar. The latitude of the Tropic of Cancer is 23° 26′ 5″ N.

 

 

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WHAT IS THE INCOME TAX RETURN ?

Income Tax Return is the form in which assessed files information about his Income and tax thereon to the income tax return. different forms are ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 and ITR 7. When you file a late return, you are not permitted to carry forward certain losses.

• very important The income tax act, 1961 and the Income Tax Rules, 1962 to file returns with the Income Tax Department at the end of every financial year.
• It is eligible for Assesses are processed by the Income Tax Department of India.

 

WHY YOU RETURN FOR INCOMETAX RETURN ?

• When you’re gross annual income is more than 2.5 lacks.
• When more than one source of income like house property, capital has gains etc.
• When you have earned from or have invested in foreign assets during the financial year.
• When you wish to apply for a visa or a loan.
• When the taxpayer is a company or a firm, irrespective of profit or loss.
• When you want to claim an income tax refund from the department.

 

 

TYPES OF INCOMETAX RETURN

ITR-1 OR SAHAJ

 

• • Income from Salary/Pension.
  • Income from One house property.
  • Income from Other Sources (Lottery and Income from Race Horses).
  • Agricultural income up to Rs.5000.

ITR-2

 

• • Income from Salary/Pension.
  • Income from House Property.
  • Income from Other Sources (Lottery and Income from Race Horses).

(Total income more than Rs 50 Lacks)

 

• • If you are an Individual Director in a company.
  • If you have had investments in unlisted equity shares at any time during the financial year.
  • Being a resident not ordinarily resident and non-resident.
  • Income from Capital Gains.
  • Foreign Assets/Foreign income.
  • Agricultural income more than Rs 5,000.

 ITR-3

 

• • Carrying on a business or profession.
  • If you are an Individual Director in a company.
  • If you have had investments in unlisted equity shares at any time during the financial year.
  • The return may include income from House property, Salary/Pension and Income from other sources.
  • The income of a person as a partner in the firm.

ITR-4 or Sugam

 

• • The current ITR 4 is applicable to individuals, Partnership firms (other than LLPs) which are residents having income from a business.
  • It also includes those who have opted for the presumptive income scheme as per Section 44AD, Section 44ADA and Section 44AE of the Income Tax Act.
  • When the turnover of the business exceeds Rs 2 crore, the taxpayer will have to file ITR-3.

 ITR-5

 

• • Basically ITR 5 is for firms, Limited Liability Partnership, Body of Individuals, Artificial Juridical Person, Estate of deceased, Estate of insolvent, Business trust and investment fund.

 ITR-6

 

• • companies clam exemption under section 11- Income from property held for charitable or religious purposes, this return has to be filed electronically only.

 ITR-7

 

• • Which persons including companies required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D) or section 139(4E) or section 139(4F).

 

• Deduction under chapter VI-A

 

• Section-80 D = is described as health insurance premium and preventive check-ups.
• Section-80 DD/section 80 D = medical expenditure for dependents.
• Section-80 E – interest on an educational loan.
• Section 80 G – donation to a charitable trust.
• Section 80-GGA – donation for scientific research.
• Section 80-GGC – donation to political parties.
• Section 80-TTA – deduction on interest on savings for other than senior citizens.
• Section 80-TTB – deduction of interest for senior citizens.
• Section 80-U – deduction for medical expenses for own disability.
• Section-80 C = it is related to various type of loan and premium.
• Section-80 D (1B)/Section 80 CCD =is is related to national pension scheme (NPS).

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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